The frugal but liberty-minded analysts at the Competitive Enterprise Institute have done a tally revealing that in 2014 alone, 3,541 new regulations hit the books, and the burden of their upkeep and the impact on productivity is constantly growing. The ultimate toll on the economy: $1.9 trillion.
“If federal regulations were a country, their cost would amount to the world’s 10th largest economy,” notes “Free to Prosper” a behemoth new study and suggested agenda released Tuesday by the organization that cites eight economic issues due attention from lawmakers, plus policy tactics that could free up the nation’s innovators and entrepreneurs from the bureaucratic tethers.
“The choice is not between regulating and not regulating, but rather expanding opportunities and access to capital for all Americans instead of hindering them with a massive, regulatory burden imposed by Washington,” says Lawson Bader, president of the group. “The hidden and growing regulatory state deserves more attention, he says, noting that the agenda “puts Congress back in the driver’s seat to create real regulatory reform.”
Find the 94-page agenda - free to download - here
Meanwhile, there’s a term of note to consider. Wayne Crews. an analyst for the group, calls the great glut of regulations and hidden costs the lurking “costberg.” Mr. Crews warns of the “tip of the costberg” - the array of federal regulatory costs, and the economic impact of government over-regulation. Find the working paper here