Thursday, October 27, 2022

The Economy Will Never Prosper Under Biden: Here’s Why

The Economy Will Never Prosper Under Biden: Here’s Why - I & I Editorial Board
"...The Competitive Enterprise Institute (CEI) just this morning released its hugely valuable report called “10,000 Commandments,” which is a compendium of the regulatory state. 
In it, CEI Vice President for Policy Clyde Wayne Crews lays out the terrible truth about Biden’s regulatory zeal.
  • The first thing you have to understand about federal regulation is how massive it already is, with compliance costs that total more than $1.9 trillion a year.
  • That’s bigger than Canada’s entire GDP. It’s bigger, in fact, than all but seven nations in the world. It works out to almost $15,000 per household.
  • And it is growing at a ferocious pace....
...Crews notes that Biden immediately started overturning Trump-era deregulatory directives, calling them “harmful policies...
Biden also issued an executive order that, as we pointed out on Jan. 29, 2021, was the worst of them all. 
  • It gutted the one minor speed bump in front of new regulations, namely that they had to be reviewed by the Office of Management and Budget and pass a basic cost-benefit analysis.
  • Biden changed the review process to instead be “a tool to affirmatively promote regulations” and “to ensure swift and effective federal action” on everything from the pandemic, to the economy, to racial inequality, to the “undeniable reality and accelerating threat of climate change.”...

No comments: