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January 9, 2014

Report: New Federal Regulations Cost Economy Jaw-dropping $112 Billion In 2013

Topics: Political News and commentaries

red tape rising.jpgNot surprisingly, the ever-growing number of federal regulations not only cost jobs, they yank billions out of our economy.

The Washington Examiner reports:

New federal regulations cost the economy $112 billion in 2013, according to a newly released tally of government figures from the American Action Forum.

Led by the Environmental Protection Agency, the Department of Energy and health care agencies, the federal government added 157.9 million hours of paperwork for U.S. workers.

American Action Forum, a right-of-center Washington think tank, found in an analysis of Office of Information and Regulatory Affairs and Federal Register data released Wednesday that regulators have published $494 billion in net costs in final rules from 2009 through 2013.

Two major proposed rules, relating to emissions standards and efficiency standards for motors, drove the regulatory costs for 2013. Yet, according to AAF, overall regulatory activity was down from previous years in President Obama's tenure. The administration published 77 new major regulations, versus 100, in 2010. Any regulation that results in an annual effect on the economy greater than $100 million is considered major.

The largest new burden in terms of paperwork came from an "obscure" rule relating to affirmative action and nondiscrimination for contractors. It would add 9.9 million hours of paperwork.

More here...

Think about the number of new regulations under Obamacare ... and what they are going to end up costing the economy in dollars and jobs.

[...] Since the passage of the so-called Affordable Care Act and the Health Care and Education Reconciliation Act, federal agencies have published 109 regulations that dictate the implementation of the new laws.

The 109 regulations amount to an additional 10,535 pages in the already full Federal Register.

This is in addition to the 11,000 + pages of regulations the Obama administration has already added to the Federal Register.

The final regulations for just the individual mandate provision of the healthcare law is 75 pages, defining to whom the mandate applies, all the exemptions, and what types of insurance satisfy the government's rules.

According to a report from the House Committee on Ways and Means, there are over 80 million hours of rules and regulations that American businesses and families have to comply with.

More here ...

Suggested read: Huffington Post - Regulations Cost More Than We Ever Knew

Posted by Richard at January 9, 2014 9:14 AM

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