Tab could reach $60,000 per household if he gets 2nd term
WND News Center
The cost to American households for the regulations Joe Biden has imposed on the nation already is at $10,000, and a report confirms that tab could be $60,000 if the Democrat is given a second term in office.
The report is from the Committee to Unleash Prosperity, and comes from Casey B. Mulligan, a professor of economics at the University of Chicago who was the chief economist on the White House Council of Economic Advisers.
“As of the end of 2022, the Biden administration imposed new regulatory costs on American households and businesses at a pace surpassing that of the Obama administration during a comparable period,” the report said.
“The added costs from these Biden-era final rules, which include both their current and expected future costs, amount to almost $10,000 per household. If regulatory costs continue to rise at the same rate as they did during the Obama administration, the total costs of Biden’s rulemaking over an eight-year period would almost reach $60,000 per household.”
The report said automobile fuel economy and emissions standards are one-third of the problem, but those still are out-matched by the costs of health, labor, telecommunications and consumer finance rules.
In what should be a huge heads-up for American voters just at the beginning of the campaign for the 2024 presidential election, the report confirmed, “President Trump reduced regulatory costs almost as fast as President Obama and Biden were adding them. Without even counting Operation Warp Speed, the Trump administration’s agencies through four years reduced regulatory costs by almost $11,000 per household in present value.”
The report, which described itself as the “first to comprehensively quantify the costs missing from agency cost assessments,” explained it used a variety of federal databases for its conclusions.
It continued, “The Biden administration has fewer regulations per year than Obama and Trump in almost every category other than the airworthiness directives. The Biden administration stands out for a few relatively costly regulations, especially the student loan action from the Department of Education or the vaccine mandates.
“The Trump administration’s results are entirely different. On an annual basis, President Trump was on net reducing regulatory costs (more than $300 billion per year of rulemaking) almost as fast as Presidents Obama and Biden were creating them ($600 billion per year of rulemaking),” it said.
The study pointed out that had President Trump been in office, the expected reduction in regulatory costs would have reached $21,000 per household.
That’s a “gap of $61,000 to $80,000 from the Biden trajectory.”
Joe Biden this week flew to Chicago to promote his “Bidenomics,” which he claimed is working even though only one-third of Americans say he’s successful in handling the economy.
Further, his address didn’t mention “Bidenflation,” which exploded from the 1.7% level he inherited from President Trump to as high as 9.1% last year. It’s receded some since then, but remains problematic for most Americans.
The Daily Mail noted, “From Biden’s election in 2020 to current day, inflation has risen a total of 16.45%.”
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