The federal government is on track to spend more than $3.5 trillion this year. What most people don't know is that government actually costs about 50 percent more than what it spends. That's because complying with federal regulation costs an additional $1.75 trillion - nearly an eighth of GDP. And almost none of that cost appears on the budget.A lawyer’s paradise, no doubt, but a nightmare for producers and consumers.
Friday, April 29, 2011
The cost of government
It’s far worse than you think. The problem is not just what the government collects through taxes and borrowing, but the massive regulatory cost, as Wayne Crews and Ryan Young of the Competitive Enterprise Institute point out in this article: