Report: Biden Re-Election Would Cost Families Whopping $60k in New Regulations
A new report estimates that Americans’ cost of living could spiral under a second Biden term, adding more than $50,000 in costs to each household by 2028. According to an analysis by the Committee to Unleash Prosperity, the Biden administration has already cost American families upward of $10,000 due to over-regulation. It could increase that figure to as much as $60,000 if it continues on its current path.
The report was authored by Casey B. Mulligan, a professor of economics at the University of Chicago and a former chief economist at the White House Council of Economic Advisers.
His analysis reveals that the wave of environmental, automobile, labor, telecoms, and consumer finance regulations has saddled households with an average increase of $5,000 per year. Rules about fuel economy and emissions standards are reported to account for roughly one-third of the rise in cost.
The current annual cost resulting from over-regulation is estimated to be $1,000 higher than it was under the Obama administration.
“Government regulation may be the single greatest barrier to prosperity,” Mulligan writes. “The federal executive branch alone issues hundreds of new regulations each year that add to the 200,000 pages of federal rules already in place.”
The report also found that the Trump administration decreased annual regulatory costs for households by around $3,000.
The new report was published as Joe Biden begins to unroll his new “Bidenomics” economic plan, which he unveiled during a speech in Chicago on Wednesday. The new plan seeks to restore prosperity for the middle class by investing in education and critical industries related to national security, such as semiconductor manufacturing. A statement from the White House says the President intends to grow the economy “from the Middle Out and Bottom Up—Not the Top Down.”
The administration has continued to push the false claim that it has added more than 13 million jobs to the economy, with even CNN and Politifact calling the claim “misleading.”
Despite Biden’s bold vision and job-creation claims, Americans overwhelmingly disapprove of his administration’s handling of the economy. Only 34 percent of Americans approve of the President’s economic leadership — only one in three Americans — according to a recent poll by the Associated Press-NORC Center for Public Affairs Research. Notably, Biden’s rating on the economy is 7 percent lower than his overall approval, which was found to be at 41 percent according to the same pollster.
Biden: "Guess what? Bidenomics is working"
Under Biden, savings are down, real wages are down, economic confidence is down, and costs are up. pic.twitter.com/Z2bF5habmD
— RNC Research (@RNCResearch) June 28, 2023
“More rulemaking is ahead for the Biden administration,” Mulligan concludes in his assessment of the White House. “If its rulemaking costs accelerate at the same pace that the Obama administration’s did, the result after eight years would be a cumulative $7 trillion, which is almost $60,000 per household.”
“President Trump showed that regulatory costs can be subtracted rather than perpetually added. Four years of President Trump reduced regulatory costs by about $11,000 per household. Eight years would have saved a total of more than $21,000, which is a gap of $61,000 to $80,000 from the Biden trajectory.”
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