According to the study published on Thursday, June 29, the Biden administration has been adding regulatory costs at a rate of $617 billion per year through rulemaking alone, excluding costs incurred through legislation and other non-rule regulatory actions.
This pace of regulatory expansion surpasses that of the Obama administration during a comparable time period as reported by Fox News.
Mulligan estimates that the additional costs of the Biden-era rules finalized in 2021 and 2022, including both current and expected future costs, amount to approximately $9,600 per household.
It is important to note that these costs are spread over time and are not concentrated in the first year of rule implementation. However, if President Biden is reelected in 2024 and serves another four years, these costs could potentially skyrocket, further burdening American households.
The study highlights the potential long-term implications of the Biden administration’s regulatory approach. The increased regulatory burdens have significant economic consequences for American households and businesses, impacting their ability to thrive and create prosperity.
As the costs of compliance rise, individuals and families may face reduced disposable income and limited opportunities for economic growth according to Yahoo News.
Critics argue that excessive regulations hinder economic development and stifle innovation. They claim that burdensome regulations create barriers to entry for businesses, discourage investment, and lead to increased costs for consumers.
This study supports those concerns by quantifying the substantial financial impact of regulatory policies implemented by the Biden administration.
However, it is important to consider that regulatory policies are often implemented with the intention of protecting public health, safety, and the environment.
Proponents argue that these regulations are necessary to ensure responsible business practices, reduce pollution, and address societal challenges such as climate change. The findings of this study have sparked debate among policymakers, economists, and industry experts.
Some argue for a balanced approach that considers the potential benefits of regulations alongside their costs, emphasizing the importance of cost-benefit analysis to inform regulatory decision-making.
The study’s findings serve as a reminder of the complex relationship between regulations, economic growth, and the well-being of American households.