With every investment and action the government makes, there is an opportunity cost. When regulations start adding up, it is flabbergasting to see how much money big government has taken away from American families and small businesses.
The cost of federal regulation neared $2 trillion in 2014, according to a new report by the Competitive Enterprise Institute (CEI).
Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State, a report by Clyde Wayne Crews, CEI’s vice president for policy, also reveals that the U.S. debt now exceeds the size of China’s economy.
“Federal regulation and intervention cost American consumers and businesses an estimated $1.88 trillion in 2014 in lost economic productivity and higher prices,” amounting to roughly $15,000 per household, the report said.
The report found that the federal bureaucracy—made up of 60 agencies, departments, and commissions—has 3,415 regulations in the process of being finalized, meaning that the number of regulations far surpasses the number of laws passed by Congress.
“In 2014, agencies issued 16 new regulations for every law—that’s 3,554 new regulations compared to 224 new laws,” the report said.