Obama’s regulations in 2016 to drain economy by $2 trillion
The Washington Times – Wednesday, May 31, 2017
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The Obama administration issued a record number of new regulations on its way out the door in 2016, leaving an administrative state that saps the economy of nearly $2 trillion a year, according to a new report being released Wednesday.
The government itself spent $63 billion in 2016 to administer and enforce all of its own regulations, the Competitive Enterprise Institute said.
With Republicans in Washington looking for reasons to streamline Washington and roll back President Barack Obama’s accomplishments, the new report is likely to be ammunition.
“The federal government’s reach extends far beyond its taxes, deficits, and borrowing. Federal environmental, safety and health, and economic regulations affect the economy by hundreds of billions — even trillions — of dollars annually,” Clyde Wayne Crews Jr. wrote in the CEI’s 2017 “Ten Thousand Commandments” report on federal regulations.
He counted 3,853 federal rules that were finalized in 2016 — the most for any year since 2005.
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Unfortunately, the economy can not suffer these type of “extractions”.
How can “We, The Sheeple” unwind these regs and re-energize the economy.
It’s in effect a tax cut for everyone.
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