After years of rapid growth during the Obama administration, the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world.
That's according to the latest annual report on the regulatory state issued by the free-market Competitive Enterprise Institute, titled "Ten Thousand Commandments."
Compiling reports of compliance costs from various government agencies and outside sources, author Clyde Wayne Crews found that the "regulation tax" imposed on the economy now tops $1.86 trillion.
By comparison, Canada's entire GDP is $1.82 trillion. India's is $1.84 trillion.
U.S. Federal Regulatory Costs Are The World's 10th Largest Economy - Investors.com
So Obama IS helping the economy...just not ours or one that actually produces anything...:doh
I totally agree that US tax law is stupidly complex, mostly pointless, and generally more of a burden to everyone than it needs to be. However if we want to try and solve that we're going to have to look way beyond Obama and into Congress as well, that is not to draw attention away from Obama but rather to focus your perspective correctly. This monster has been growing for decades, and under both parties, its a much bigger issue than a single president.
They call it a tax in the article because it's a cost to business to comply with federal regulations. It isn't a 'tax' that is in the tax code. It's the cost of regulations, that are promulgate by the Administration, not Congress.
I totally agree that US tax law is stupidly complex, mostly pointless, and generally more of a burden to everyone than it needs to be. However if we want to try and solve that we're going to have to look way beyond Obama and into Congress as well, that is not to draw attention away from Obama but rather to focus your perspective correctly. This monster has been growing for decades, and under both parties, its a much bigger issue than a single president.
Its more than the administration, Congress can also pass the laws that create new regulation and they do so.
I don't give Congress a pass. However, related to this OP and the article at its center, the Administration is the one that promulgates regulations that are not enumerated in laws passed by Congress and cost American businesses and the economy Billions of Dollars, and that's the point of this thread.
As I pointed out in the other thread on this exact report, there are substantial costs associated with the recurrent training I, as a pilot, am required to accomplish. Should i continue to pay them?
You make a very good point. However, you are in a highly regulated industry that requires a license to practice and is so because of the risk to life if those that practice your profession are not current with recurring training and medical exams. I have a pilot's license also. Although I do not have a commercial ticket, I do have a multi-engine instrument rating, and I have to have my medical renewed and I have to do check rides when I want to fly a new set up or a new A/C.
This is the same for medical practitioners, those in law, people that have pesticide licenses and so on. However, the average guy that owns a small business (or even a big business) is not required to have a professional license to practice. Yet, the government has created a myriad of regulations that negatively impact a small business' ability to make a profit, much less give their employees a raise or benefits.
Like I said. You make a very good point. However, your particular situation is not comparable to the great majority of businesses that are hampered by over regulation and unneeded constraint.
Food safety for restaurants? Safety gear for construction?
I totally agree that US tax law is stupidly complex, mostly pointless, and generally more of a burden to everyone than it needs to be. However if we want to try and solve that we're going to have to look way beyond Obama and into Congress as well, that is not to draw attention away from Obama but rather to focus your perspective correctly. This monster has been growing for decades, and under both parties, its a much bigger issue than a single president.
The cost of the Federal government is 31% of the economy? That's... well... I'm at a loss for words.
They call it a tax in the article because it's a cost to business to comply with federal regulations. It isn't a 'tax' that is in the tax code. It's the cost of regulations, that are promulgate by the Administration, not Congress.
You make a very good point. However, you are in a highly regulated industry that requires a license to practice and is so because of the risk to life if those that practice your profession are not current with recurring training and medical exams. I have a pilot's license also. Although I do not have a commercial ticket, I do have a multi-engine instrument rating, and I have to have my medical renewed and I have to do check rides when I want to fly a new set up or a new A/C.
This is the same for medical practitioners, those in law, people that have pesticide licenses and so on. However, the average guy that owns a small business (or even a big business) is not required to have a professional license to practice. Yet, the government has created a myriad of regulations that negatively impact a small business' ability to make a profit, much less give their employees a raise or benefits.
Like I said. You make a very good point. However, your particular situation is not comparable to the great majority of businesses that are hampered by over regulation and unneeded constraint.
Those are not the regulations I'm talking about. And, I think you know that.
There is a need for a certain level of regulations or the free market turns into a free fall of civility. Did you notice that the two instances you mentioned also involve life safety, as did the ones I mentioned in my first response to you?
You make a very good point. However, you are in a highly regulated industry that requires a license to practice and is so because of the risk to life if those that practice your profession are not current with recurring training and medical exams. I have a pilot's license also. Although I do not have a commercial ticket, I do have a multi-engine instrument rating, and I have to have my medical renewed and I have to do check rides when I want to fly a new set up or a new A/C.
This is the same for medical practitioners, those in law, people that have pesticide licenses and so on. However, the average guy that owns a small business (or even a big business) is not required to have a professional license to practice. Yet, the government has created a myriad of regulations that negatively impact a small business' ability to make a profit, much less give their employees a raise or benefits.
Like I said. You make a very good point. However, your particular situation is not comparable to the great majority of businesses that are hampered by over regulation and unneeded constraint.
I agree but would point out alot of small business regulation is actually done at the state level which makes the cost (and complexity) to business even higher. Why does my barber need a license to cut hair?
For the record Obama's predecessor was just as bad with additions to Federal regulations.
Those are not the regulations I'm talking about. And, I think you know that.
There is a need for a certain level of regulations or the free market turns into a free fall of civility. Did you notice that the two instances you mentioned also involve life safety, as did the ones I mentioned in my first response to you?
U.S. Federal Regulatory Costs Are The World's 10th Largest Economy - Investors.com
So Obama IS helping the economy...just not ours or one that actually produces anything...:doh
For what it is worth, the OMB reviews regulation costs and benefits on a 10-year basis and concluded the following:
“From fiscal year 2003(FY 2003) through FY 2012, Federal agencies published 37,786 final rules in the Federal Register. OMB reviewed 3,203 of these final rules… "
…
The estimated annual benefits of major Federal regulations reviewed by OMB from October 1, 2002, to September 30, 2012, for which agencies estimated and monetized both benefits and costs, are in the aggregate between $193 billion and $800 billion, while the estimated annual costs are in the aggregate between $57 billion and $84 billion. These ranges are reported in 2001 dollars… "
http://www.whitehouse.gov/sites/default/files/omb/inforeg/2013_cb/draft_2013_cost_benefit_report.pdf
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