From the labels on our food to the shoes on our feet, regulations are a part of our everyday lives. And there are a lot of them.
Did you know, for every law Congress passed last year, federal agencies issued 18 rules and regulations? That’s nearly 3,900 new federal regulations in 2016 alone!
We hear a lot about how regulations are supposed to benefit us, but what about how much they cost?
CEI President Kent Lassman said, “while regulations are intended to benefit society, and may even be designed with that in mind, sadly nearly all regulations cost more money than anyone realizes. These aren’t even laws that come through Congress, they are rules put in place by Washington bureaucrats without consideration for how our families have to pick up the tab. It’s time we take a close look at the cost of regulations on hardworking Americans.”
A recent CEI estimate shows that every year federal regulations cost American families, businesses, and the economy nearly $2 trillion.
That’s about $15,000 per household each year, almost a quarter of the typical household income.
In fact, the cost of federal regulations surpasses every other household expense except housing. They cost us more than what we spend on entertainment, transportation, clothing, food, or even health care.
Federal regulations are, very simply, the most expensive hidden tax on Americans in history.
So the next time you hear how much a new regulation may help you, ask how much it will cost… and then decide whether it’s worth it.
For more information check out CEI’s Ten Thousand Commandments report at cei.org/10KC2016.