By James Gattuso at The Foundry
Rules and restrictions imposed from Washington now cost Americans some $1.75 trillion each year. That is sharply higher that the $1.1 trillion in costs reported in 2005 in the SBA’s last such study…
No matter how you slice it, $1.75 trillion is a lot of money. It is far more than Americans pay in income taxes each year. It’s about the same as the GDP of Italy. Per household, the regulatory tab works out to some $15,000—almost as much as the average family spends on housing…
The study, co-authored by economists Nicole V. Crain and Mark Crain, probably shouldn’t come as a surprise. During the past few years, spanning two presidencies, the tide of regulation has risen at an alarming rate. And more is to come: 2010 promises to be a record year for imposing rules, and the full impact of new health care and financial regulations have yet to be felt.
Whatever the eventual cure, the reform process, like many others, must begin with recognition that there is a problem. Today’s report makes that problem virtually impossible to miss.
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