Research shows that the prices of regulations under the Biden administration are higher than those under Obama.
According to a new study, the rules put in place by the Biden administration have cost each American family about $10,000. This number could go through the roof if President Joe Biden is returned in 2024 and stays in office for another four years.
In a new study by the Committee to Unleash Prosperity, economics professor Casey Mulligan compares the regulatory records of President Biden with those of past Presidents Donald Trump and Barack Obama.
According to the report, as of the end of last year, the Biden administration was putting new governmental costs on American families and companies faster than the Obama administration did during the same time. In particular, Mulligan writes that the Biden administration has added regulatory costs at a rate of $617 billion per year through rulemaking. This does not include regulatory fees added by laws and other acts that are not rules.
Mulligan thinks the extra costs of these Biden-era rules that will be approved in 2021 and 2022 will be about $9,600 per family. This includes their current prices and what they are expected to cost in the future. These costs are spread out over time; instead of being high in the first year, the rules are in place. If Biden is reelected, these costs could go up a lot.
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Suppose regulation and regulatory costs continue to rise at the same rate as during the Obama administration. In that case, the study says, “[T]he result after eight years [under Biden] would be a cumulative $7 trillion, which is almost $60,000 per household.”
Still, the study says that Biden has fewer rules per year than Obama and Trump in almost every area. But the current government has implemented some costly rules, such as those about student loans and vaccines.
Overall, the costs of regulations come from health, labor, telecommunications, and consumer finance laws, as well as the fuel economy and pollution guidelines for cars.
The story says that, unlike Biden, Trump got rid of many rules.
“Over the four years of the Trump administration, regulatory costs were cut by almost $11,000 per household in present value,” says Mulligan. He points out that this number does not include Operation Warp Speed, used to make a COVID vaccine. “On an annual basis, President Trump cut regulatory costs (more than $300 billion per year of rulemaking) almost as fast as Presidents Obama and Biden added them ($600 billion per year of rulemaking).”
Mulligan says that Obama “had almost no deregulation in his first two years,” but Biden has already made significant changes. But overall, Trump’s plan to eliminate rules had a more substantial effect.
The study says, “President Trump showed that regulatory costs can be taken away instead of always being added.” “After four years in office, President Trump has cut the cost of regulations by about $11,000 per home. More than $21,000 would have been saved over eight years. This is a difference of $61,000 to $80,000 from the Biden path.
Mulligan says his report is the first to “comprehensively quantify the costs missing from agency cost assessments.” He says that several studies have shown that government agencies don’t do an excellent job estimating costs, and he explains how these agencies often take up a lot of time and money without realizing it.
“However, even if we ignore the fact that the agency estimates leave out a lot of regulatory costs, they still show a big gap,” writes Mulligan. “Eight years of President Trump would cost the average household only $561 more, according to an estimate by an agency, but if Vice President Joe Biden stayed 15% ahead of the Obama administration, it would cost the average household almost $11,000.” The return of governmental responsibilities may have something to do with the economy not growing, worker output going down, and pay not keeping up with inflation.
The new story comes as Biden prepares to run for president again in 2024 and wants to discuss his economic plans.
On Wednesday, Biden gave a speech in Chicago criticizing “trickle-down economics” and defended “Bidenomics,” saying he is heading the economy correctly with positive growth and low unemployment.
“Everyone does well when the economy grows from the middle out and the bottom up instead of just from the top down,” Biden said in an almost 40-minute speech. “This idea is a big break from the economic theory that has failed the middle class for decades. This kind of economy is called “trickle-down.”
Economists disagreed that “Bidenomics” is suitable for all Americans. They told Fox News Digital that the president’s economic policies since he took office have been marked by colossal spending and historically high inflation.
In the meantime, a White House report released this week praised Biden’s economic plan and achievements, such as job growth, low unemployment, and a big project to improve infrastructure.
The letter said, “Bidenomics is based on the simple idea that we need to grow the economy from the middle out and the bottom up, not from the top down.”
Biden tweeted on Tuesday that he had created more jobs in two years than previous governments had in their entire first terms. Critics said this was false because jobs were lost during the coronavirus pandemic.
Even though Biden seems sure of himself, recent polls show that most Americans don’t trust him to steer the U.S. economy. About 83% of voters thought the economy was in good or bad shape as of the end of May. This number is 14 points lower than it was right after Biden took office in April 2021, when only 69% of people thought the same. Most importantly, only 20% of Americans believe Biden’s programs help them.
When asked for a statement on this story, the White House didn’t give one.
