Regulations issued in the first two years of the Biden administration cost the economy about $309 billion, which is 50% more expensive than the first two years of the Obama administration and nearly eight times more expensive. than the rules published in Trump’s four years. administration.
Biden’s regulatory cost reflects the 443 final rules issued through the end of October 2022, which required an estimated 193,000,000 hours of compliance paperwork across the country, according to federal data collected by the American Action Forum.
At the same time, under the Obama administration, 639 final rules had been issued, costing the economy $204 billion and requiring 80,000,000 hours of paperwork, less than half the time required under Biden.
The Trump administration issued 500 final rules in its first two years, saving the economy about $3.4 million and requiring just 500,000 hours of compliance, a said the American Action Forum.
BIDEN HITS ON UNION-SUPPORTED APPRENTICESHIPS AS HE DISSOLVES TRUMP-ERA APPRENTICESHIP PROGRAM
Dan Bosch, director of regulatory policy at the American Action Forum, said there was no reason to believe the Biden administration would reduce the pace of regulatory costs over the next two years.
“I expected the Biden administration to compete with the Obama administration on regulatory costs, but so far they’ve exceeded those expectations,” Bosch told Fox News Digital. “The current administration’s commitment to addressing climate change through regulations — rather than new congressional legislation — means we should expect to see those costs continue to climb.”
BIDEN SAYS DEMOCRATS WILL OFFER ‘STRONGER SOCIAL SECURITY’, WARNS A GOP MAJORITY COULD MAKE IT ‘CUT OUT’
The White House did not respond to a request for comment.
According to Bosch’s group, the biggest blow to the economy under Biden was an Environmental Protection Agency regulation that tightened requirements for automakers to make cleaner vehicles by 2026 The agency predicted the settlement will cost the economy $180 billion.
Other agencies with notable costs to the economy include the Treasury Department at $84.4 billion, the Department of Transportation at $16 billion, the Department of Health and Human Services at $15.1 million dollars, the Department of Labor at $8.8 billion, the Department of Energy at $7.2 billion, and the Department of the Homeland. Security at $6.3 billion.
GOP lawmakers have said Biden’s regulations are a significant impediment to economic growth. Rep. Roger Williams, R.-Texas, said small businesses are increasingly at risk under the Democratic administration.
“Certainty is key for small businesses, and under the Biden administration, businesses are operating in fear of the next costly new regulation that will arrive,” Williams told Fox News Digital. “As Main Street America continues to grapple with spiraling inflation and the fallout from the Biden administration’s failed economic policies, we should be looking for ways to make it easier for businesses to operate and compete, not flood them. new cumbersome administrative formalities.”
CHARLES PAYNE: THE AMERICAN DREAM WILL BE GONE FOR A LONG TIME
Rep. Blaine Luetkemeyer, R-Mo., the top Republican on the House Small Business Committee, said the federal government under Biden has decimated business owners.
“Whether it’s reckless spending or burdensome regulations, this administration is no friend to Main Street USA,” Luetkemeyer told Fox News Digital. “This administration is the epitome of big government. This kind of policymaking is the root of the economic headwinds that Americans are currently facing.”
Biden’s legislative victories on the US bailout, the infrastructure bill, and the Cut Inflation Act have come at huge costs. Administration policies through executive and legislative actions will add nearly $5 trillion to the national deficit by 2031, according to the Committee for a Responsible Budget.
CLICK HERE TO GET THE FOX NEWS APP
Rep. Pete Stauber, R.-Minn., said the Biden administration is a major factor in the poor state of the economy, especially for small businesses.
“It’s the men and women who employ nearly half of all Americans, and they’re barely hanging by a thread thanks to the policies of this administration, which have led to high inflation for 40 years,” Stauber told Fox. NewsDigital. “It is clear that this administration is shattering the dreams of entrepreneurs, causing their businesses to fail and forcing them to depend on the government.”
#Biden #regulations #cost #economy #billion #years #compared #billion #Obama