When talking about the economy, it’s easy to overlook a major drag on growth — regulations.
Late last month, the Competitive Enterprise Institute released its annual review of federal regulations. It’s appropriately titled “Ten Thousand Commandments 2022.” Regulations are rules and requirements that the government places on businesses. Some are big (think: tariffs). Others are small, such as imposing training requirements on certain enterprises. Those are largely unknown to the public, but they impose costs nonetheless.
The price of those burdensome rules adds up. The report estimates that regulations handcuff the economy by $1.93 trillion annually. That’s equivalent to 8 percent of GDP.
Read the full article on the Review Journal.