Families lose $15,788 a year due to Biden administration regulations
A report revealed that the government is forcing families to pay more per year than they spend on basic necessities such as food and clothing.
Joe Biden delivering a speech
Regulations imposed by the Biden administration are forcing families to pay more than $15,000 a year, an amount higher than what they spend on basic necessities such as food or clothing. This implies that the total cost amounts to $2.117 trillion.
This was revealed by a study prepared by the Competitive Enterprise Institute (CEI). Specifically, households lose $15,788 each year from complying with regulations imposed by federal agencies, amounting to an expense of 17% of income.
"Regulatory compliance costs and mandates borne by businesses result in higher prices, lost jobs, and lower output. Regulations undermine the economic success of American businesses and households and drag down the economy. Congress should intervene and fix this problem," said study author Clyde Wayne Crews.
As an aside, this $2.117 trillion cost of federal regulations is almost similar to what is collected in personal income tax ($2.328 trillion).
It is also noted that Joe Biden and his cabinet have placed in the Federal Register an average of 870 regulations per year, much higher than the average of his predecessors Donald Trump (701) and Barack Obama (694).
The most costly area for families is economic ($522 billion), followed by environmental ($417 billion), tax compliance ($316 billion) and healthcare ($214 billion).
LATEST
