The hidden tax of federal regulation cost businesses and consumers an additional $1.187 trillion last year—none of which shows up in the federal budget. Regulation eats up an additional 8.3 percent of GDP. We have to work an additional 34 days to pay for the federal regulatory burden.The federal government is metastasizing into an enormous, out-of-control tumor on the body politic. It’s time for radical surgery.
It’s tempting to brush off regulatory costs, since most of them are borne by businesses. But remember, businesses pass on their costs to consumers. We all pay for the cost of the regulatory state.
Friday, April 23, 2010
But wait, there’s more!
The cost of big government isn’t just reflected in income taxes and deficit spending. As Clyde Crews and Ryan Young point out, regulatory costs amount to a hidden tax that exceeded $1 trillion last year. And it is a particularly insidious “tax” because it is practically invisible.
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I just celebrated [?] the anniversary of my twenty-fifth year at working at a state agency and the biggest abuse of power and money-waster I've seen has been in the regulatory area.
ReplyDeleteUnaccountable authorities, unrestricted Boards Of Health who are not answerable to the people’s representatives, zoning commissions who despise private property, and on and on and on: it’s regulation without representation.
To add insult to injury, regulations now carry the force of law, so that unknown, unelected, and unvetted bureaucrats perform the roles of legislators, judges, and executives.
One of our goals has to be to shine a very bright light on the abuses of power of these bureaucrats and their boards and commissions and offices. Their mere existence constitutes a violation of our rights as The Sovereignty of America.
Spot on, Bob. I work for a Federal agency with regulatory authority, and it's pretty much the same thing.
ReplyDeleteVery well said, Bob.
ReplyDeleteNot to mention the hidden costs associated with lost innovation as statists pick winners and losers. Compare the unregulated Silicon Valley experience with most other industries in America.
ReplyDelete