by Elizabeth Troutman Mitchell at The Daily Signal
Federal regulatory costs tax the average American household more than $15,000 per year under the Biden administration, according to a Competitive Enterprise Institute annual report released Tuesday.
Households pay an average of $15,788 in hidden regulatory costs, according to the annual report, written by Clyde Wayne Crews and titled “Ten Thousand Commandments.” That’s more than what they pay for food, clothing, education, or any other household expense other than housing, consuming 17% of income and representing 22% of household expenses.
Federal regulations’ total compliance costs and economic effects add up to at least $2.117 trillion, rivaling individual income-tax costs estimated at $2.328 trillion. Regulatory costs are nearly four times the corporate income tax of $546 billion.
High-significance rules established by the Biden administration outnumber those of the Bush, Obama, or Trump administrations.
The changes highlighted in this year’s report can be attributed to President Joe Biden’s Executive Order 14094, titled “Modernizing Regulatory Review,” Crews said.
“This order cemented Biden’s Day One changes that had already dismantled every regulatory liberalization measure established during the Trump administration,” Crews told The Daily Signal:…
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