According to the Competitive Enterprise Institute's "Annual Snapshot of the Federal Regulatory State," here's what each household in the United States paid in 2014 for the "cost of regulation": ~$15k (or ~29% of an average family budget of $51.1k). That's more than the average family spends annually on healthcare, food, and transportation...all going to feed an ever-expanding, unelected federal government bureaucracy whose members are keenly intent on regulating more and more aspects of life in these United States of America.
Some factoids form the report:
- If U.S. federal regulations were a nation, "The United States of Regulation" would be the world's 10th largest economy...sandwiched behind Russia (#9) and ahead of India (#11).
- In 2014, Congress passed 224 new laws. But, federal agencies issued 3,554 new regulations (or an average of 16 new regulations for each law).
- Compliance costs in 2014 exceeded what the Internal Revenue Service collected in individual and corporate income taxes by $160B+.
Given these facts, one would think there'd be a taxpayers' rebellion.
Yet, despite these facts, taxpayers don't seem to care much that they're paying mightily to be hyper-regulated by unelected federal bureaucrats. They're consuming an increasing share of U.S. taxpayers' hard-earned $$$s simply to tell them how to live their lives like middle class people living somewhere between Russia and India.
Let the discussion begin...
To read the Competitive Enterprise Institute's report, click on the following link:
"Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State"