The Biden administration’s wide-ranging set of regulations have significantly squeezed American pocketbooks, amounting to an eye-watering $10,000 per household as of year-end 2021, states a leading budget watchdog group, the Committee to Unleash Prosperity. This striking figure, coupled with the potential for extrapolated costs reaching a staggering $60,000 per home by the culmination of a potential second term, marks a palpable fiscal concern for all Americans.
Some research from @Comm4Prosperity in our editorial: Biden's regulations have cost the average household $10k per year, while Bidenflation has cost $5600 per year. That's $15,600 in added costs thanks to one president. https://t.co/X5vgejBJvw
— Tiana Lowe Doescher (@TianaTheFirst) July 3, 2023
A recent Committee report scrutinizing both current and projected future costs reveals an impending financial burden, reminiscent of regulatory measures enacted under former President Obama. Expressing deep concern, Casey Mulligan, the University of Chicago professor and report’s author, describes this regulatory trajectory as an “unseen human capital crisis for decades.”
Instituted regulations span a gamut of sectors, including environment, energy, healthcare, telecommunications, and transportation. Particularly noteworthy has been Biden’s executive action granting mass student loan forgiveness, a move that, while popular among certain demographics, is estimated by the Congressional Budget Office to cost $316 billion, with some estimates predicting totals nearer to $430 billion.
Despite a Supreme Court ruling halting this effort on June 30, Biden’s administration persists, proposing to absolve “financially vulnerable” borrowers of missed payments for a year upon collection recommencement on October 1. Additionally, a finalized rule will further reduce the monthly contribution from borrowers’ discretionary income, and forgive outstanding debt of $12,000 or less following ten rather than twenty years of payment.
Notably, the report underlines Biden’s hasty implementation of a vaccination or testing rule for larger businesses, which, similar to the loan forgiveness initiative, was knocked down by the Supreme Court. Coupled with this are price controls for prescribed medicines outlined in the Inflation Reduction Act and elevated standards for automobile emissions.
While the highest single cost arises from fuel economy and emissions requirements, the collective burden of health, labor, telecommunications, and consumer finance regulations goes beyond automobile standards. Biden’s first two years saw fewer new regulation introductions compared to his predecessors; however, he has outmatched both in resulting financial implications.
Of concern are recorded costs for Biden’s regulatory footprints in 2021 and 2022 rounding to nearly $173.4 billion – an accounting by government agencies that the Committee rebuffs, tabling a more daunting $616.7 billion. According to Prof. Mulligan, this discrepancy traces back to federal authorities’ “systematic and proven propensity to understate costs.”
Contrarily, Trump’s regulatory impact, billed at a cost of $8.6 billion by federal entities, saw the watchdog estimate a savings of $323.9 billion. A stark opposition to Biden’s string of regulations, Trump’s deregulation efforts led to approximately $11,000 in household savings, projecting an almost $21,000 windfall over an eight-year term, the group’s report reveals.
“President Trump did something unique in American history: he budgeted for the regulators,” Mulligan informed Fox. “We saw amazing results from this. They removed old, unneeded regulations, and introduced new ones felt necessary.”
Despite diminishing public confidence on the economy and mounting GOP criticism, Biden staunchly defends his so-called “Bidenomics” while the White House remains silent regarding requests for commentary.
In conclusion, the Committee to Unleash Prosperity’s report paints a stark comparison between regulatory policies of current and former administrations. The findings underline an immediate need for citizens and policymakers alike to consider the financial implications of regulatory governance. As we plunge further into the uncertainty of 2023, it’s clear that the fiscal health of our nation hangs keenly in the balance, with each new regulation proving either a help or hindrance to the path toward sustained economic prosperity.
