President Obama’s administration was responsible for nearly $500 billion in regulatory costs during his first five years in office, according to a new report.
The American Action Forum, a center-right policy research institute, found the Obama administration slapped businesses with $112 billion in regulatory costs in 2013 alone and predicted the burden would continue to increase this year.
“From 2009 to 2013, regulators have published $494 billion in final rules,” Sam Batkins, director of regulatory policy at the American Action Forum, wrote in the report. “This figure dwarfs the gross domestic product (GDP) from countries like Sweden, Peru, and Ireland. With more than $87.6 billion in proposed rule costs this year, burdens will continue to increase in 2014.”