Last year, regulators issued 3,659 rules. That’s equal to one new rule every 2 1/2 hours of every day, or nearly two federal rules issued every business hour.
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After years of rapid growth during the Obama administration, the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world.
That’s according to the latest annual report on the regulatory state issued by the free-market Competitive Enterprise Institute, titled “Ten Thousand Commandments.”
Compiling reports of compliance costs from various government agencies and outside sources, author Clyde Wayne Crews found that the “regulation tax” imposed on the economy now tops $1.86 trillion.
By comparison, Canada’s entire GDP is $1.82 trillion. India’s is $1.84 trillion.
The problem, Crews notes, is that the combined cost of this “tax” never shows up anywhere in the federal budget — or any other official report — even though it is now bigger than individual and corporate income taxes combined.