The excessive cost of the Biden administration's regulations has increased spending for each U.S. household by about $10,000 compared to the previous two administrations (Trump and Obama).
The estimates were revealed in a report put together by Professor Casey Mulligan, former chief economist at the White House Council of Economic Advisers. The report makes a detailed comparison of Biden's "regulatory records" compared to those of former Presidents Donald Trump and Barack Obama.
[The regulatory costs mentioned in the study include the expenses involved in creating laws and regulations, executive orders, and the expenses of some agencies and departments, among others].
CTUP_BurdenisBack_Comparing... by Verónica Silveri
Biden added costs of $617 billion
The study shows that Trump and Obama made more regulations in their terms of office and in some cases drafted more laws than Biden. However, the regulations and standards created during the current administration have been more costly. Mulligan cites actions taken on student loans, vaccine mandates and environmental standards as examples.
From 2021 until the end of 2022, the Biden administration added $617 billion in regulatory costs. Regulations include: fuel economy laws and new vehicle emissions standards (accounting for one-third of the total), and labor, health and consumer finance regulations also make up a significant portion.
These regulations created by the Biden administration cost American businesses and families about $9,600 more per household compared to the previous two administrations, according to Mulligan's calculations.
The numbers could be higher if Biden is re-elected vs. Trump's cost-cutting
The study warned that this figure could multiply if Biden is re-elected in 2024, as these costs are spread out over time:
The result after eight years [under Biden] would be a cumulative $7 billion, which is almost $60,000 per household.
Compared to Democrats' (Biden and Obama) time in office, Mulligan reported that "annually, President Trump reduced net regulatory costs (by more than $300 billion per year) almost as fast as Presidents Obama and Biden increased them by $600 billion."
The Trump administration's agencies through four years reduced regulatory costs by almost $11,000 per household in present value. Eight years would have saved a total of more than $21,000. President Trump showed that regulatory costs can be subtracted rather than perpetually added.
President promotes "Bidenomics"
The report comes out just as the president, ahead of the 2024 elections, seeks to promote "Bidenomics," a term he used in a speech in Chicago to claim that his economic policies are headed in the right direction:
The economy that grows the economy from the middle out and the bottom up, instead of just the top down; when that happens, everyone does well (...) This vision is a fundamental break with the economic theory that has failed the middle class for decades. It's called trickle-down economics.
This week, the White House has been praising Biden's economic achievements, which include "job growth, low unemployment and a major infrastructure plan":
Bidenomics is rooted in the simple idea that we need to grow the economy from the middle out and from the bottom up, not from the top down.
