Life in America has gotten a lot more expensive since Joe Biden entered the White House.
But in addition to record-setting gas prices, escalating costs for food, an inflation level unseen in more than 40 years, and ratcheted-up interest rates, Biden is imposing a tremendous cost few Americans realize or recognize.
The Washington Times reported on Tuesday about a new study that showed the Biden administration “has buried taxpayers and businesses under a flurry of new regulations that cost the U.S. economy more than $309 billion and exacerbated inflation.”
The study was conducted by the American Action Forum, a right-leaning economic think tank. It shows a stark contrast between Biden and his predecessor, former President Donald Trump, and Trump and his predecessor, former President Barack Obama.
The analysis covered each to this point in their respective presidencies.
As noted by the Times, the AAF report found that after two years the Trump administration had issued 504 rules that actually managed to reduce the federal regulatory burden and save the economy $3.4 million, while requiring just 518,940 hours of paperwork to comply.
A Competitive Enterprise Institute study determined that Trump eliminated 3.2 regulations for every new rule he issued.
Obama by this point had handed down 647 rules that cost the economy roughly $205 billion and required an astounding 87 million hours of paperwork for businesses.
Although Biden has issued fewer regulations than either of his immediate predecessors — 450 — they have cost the economy $309 billion and saddled businesses with a whopping 197 million hours in paper shuffling.
“The costs of complying with these administrative directives are passed along to consumers. A study by the U.S. Chambers of Commerce estimated that the total cost for Americans to comply with federal regulations is larger than $1.8 trillion, more than the gross domestic product of Mexico,” the Times reported.
As one example, the Times noted Biden released 10 new rules in the first four days of November that cost roughly $1 billion.
One example: The Environmental Protection Agency announced a reg to phase out hydrofluorocarbons, which reportedly contributes to climate change. The rule is expected to cost the economy $740 million while providing just $125 million in climate benefits, the Times reported.
“It’s sort of rare,” Dan Bosch, the AAF’s director of regulatory policy, told the Times of the group of rules this month. “When we see a billion dollars of rules imposed in a week, it sort of pops out and makes us take notice.”
“Any time you add costs to something, particularly in an inflationary environment, costs are going to continue to increase,” he added. “Some regulations have savings, but the vast majority have costs that can help contribute to inflation.”