It may not all be a result of Obamacare, but until all regulations are completed, no one, not even Nancy Pelosi, will really know what the effect will be. The only possible way to reverse this steady drain of regulatory abuse of the economy is to vote Republican in this Fall’s election. Too bad it is too late to even get some of those RINOs out.
Excerpt: Crews has made a working project of his “Tip of the Costberg” report which he regularly updates. In it, he compares the cost of regulations estimated by federal agencies to a much broader list of estimates from multiple federal and independent sources. And even then, he said, it doesn’t include hard-to-calculate costs associated with antitrust intervention, regulation of electricity networks, or the cost of constrained access to natural resources.
“While OMB officially reports amounts of only up to $88.6 billion in 2010 dollars,” said Crews, “the non-tax cost of government intervention in the economy, without performing a sweeping survey, appears to total up to $1.806 trillion annually.”
But, he added, “according to back of the envelope surveys and roundups, with gaps big enough to fit the beltway through, that up to $1.806 trillion annually and in many categories perhaps even considerably more, is a defensible assessment of the annual impact on the economy.”
His estimate is close to the $1.7 trillion estimate from the Small Business Administration which the White House distanced itself from. For comparison, the total U.S. GDP is $15 trillion.
The wave of Obama regulations has become a huge sore point in the business world with groups as large as the U.S. Chamber of Commerce down to the International Franchise Association crying for fewer rules. The administration, however, argues that the rules and regulations pushed out under the president have made products and workplaces safer.
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