Regulation costs 1.7 trillion
Posted: Wed Apr 20, 2011 6:53 pm
http://dailycaller.com/2011/04/19/the-h ... -trillion/
Wayne Crews, vice president for policy at the Competitive Enterprise Institute, combed through the 81,405 pages of the Federal Registry — which contains the nation’s regulations on businesses, and state and local governments — and cites a report showing that regulation cost the economy a whopping $1.75 trillion in 2008.
“If regulatory costs remain largely hidden from public view, regulating will become increasingly attractive compared with increasingly unpopular taxing and spending,” Crews writes. “Rather than pay directly and book expenses for new initiatives, the federal government can require the private sector — as well as state and local governments — to pay for federal initiatives through compliance costs.”
• Regulatory costs of $1.75 trillion absorb 11.9 percent of the U.S. gross domestic product (GDP), estimated at $14.649 trillion in 2010.
• Combining regulatory costs with federal FY 2010 outlays of $3.456 trillion reveals a federal government whose share of the entire economy now reaches 35.5 percent.
== Are these numbers legit? I mean isn't a lot of the cost of regulatory compliance in the public workers (paid for by taxes already)? or are they just talking about the private costs of preparing and filing all the reports certifying all the products paying all the fees... Are they including the deductions you can take for all the fees and "expenses" of running your business? Seems that could reduce the 1.75 trillion by 30%.
Wayne Crews, vice president for policy at the Competitive Enterprise Institute, combed through the 81,405 pages of the Federal Registry — which contains the nation’s regulations on businesses, and state and local governments — and cites a report showing that regulation cost the economy a whopping $1.75 trillion in 2008.
“If regulatory costs remain largely hidden from public view, regulating will become increasingly attractive compared with increasingly unpopular taxing and spending,” Crews writes. “Rather than pay directly and book expenses for new initiatives, the federal government can require the private sector — as well as state and local governments — to pay for federal initiatives through compliance costs.”
• Regulatory costs of $1.75 trillion absorb 11.9 percent of the U.S. gross domestic product (GDP), estimated at $14.649 trillion in 2010.
• Combining regulatory costs with federal FY 2010 outlays of $3.456 trillion reveals a federal government whose share of the entire economy now reaches 35.5 percent.
== Are these numbers legit? I mean isn't a lot of the cost of regulatory compliance in the public workers (paid for by taxes already)? or are they just talking about the private costs of preparing and filing all the reports certifying all the products paying all the fees... Are they including the deductions you can take for all the fees and "expenses" of running your business? Seems that could reduce the 1.75 trillion by 30%.