Voters who think that putting Republicans in control of the House and Senate will make a big difference for the economy are in for a rude awakening. President Joe Biden has unleashed the regulatory Leviathan. Lawmakers will be hard-pressed to stop the damage.
The Competitive Enterprise Institute (CEI) just this morning released its hugely valuable report called “10,000 Commandments,” which is a compendium of the regulatory state. In it, CEI Vice President for Policy Clyde Wayne Crews lays out the terrible truth about Biden’s regulatory zeal.
The first thing you have to understand about federal regulation is how massive it already is, with compliance costs that total more than $1.9 trillion a year.
That’s bigger than Canada’s entire GDP. It’s bigger, in fact, than all but seven nations in the world. It works out to almost $15,000 per household.
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