Shock report: Federal red tape eats 11% GDP, rivals ALL pretax corporate profits
Washington Examiner reports on Wayne Crews's annual report on the size and cost of the federal regulatory state.
The annual "Ten Thousand Commandments" report from the Competitive Enterprise Institute said that there were 30 new rules issued for every single law passed last year.
"If it were a country, U.S. regulation would be the ninth-largest economy, ranked behind India and ahead of Russia," wrote Clyde Wayne Crews Jr., vice president for policy. He said the total bill is higher than Canada's gross domestic product.
His annual report shines a light on the burden of red tape, regulations and rules, and uses real numbers to show the impact on business and ordinary Americans, a growing crisis that GOP presidential candidate Donald Trump has begun to focus on.
He found that Obama is a much more aggressive regulation writer than former President George W. Bush. Bush averaged 62 "major regulations" annually, compared to 81 for Obama.
Read the full article at Washington Examiner.