A new study reveals that the average American household has lost at least $10,000 due to various new regulations implemented by the Biden Administration.
As reported by Fox News, the study was conducted by the Committee to Unleash Prosperity, a conservative economics group, and was authored by Casey Mulligan, an economics professor at the University of Chicago. According to the study, the rate of new regulations being enacted by the Biden Administration has already surpassed the pace of new regulations under the Obama Administration.
Mulligan says that the annual rate of new regulatory costs currently stands at about $617 billion per year; that total does not include regulatory costs implemented as a result of statutes or other actions that are not related to rules. Currently, that translates to roughly $9,600 for every American household.
This rate, Mulligan adds, could increase significantly if Biden is re-elected in 2024.
“The result after eight years [under Biden] would be a cumulative $7 trillion,” Mulligan warned, “which is almost $60,000 per household.”
Mulligan also noted that President Trump was the only president in recent times to actively de-regulate the federal government, and that the pace of such wide-scale de-regulation could have been even greater had President Trump been re-elected in 2020.
“The Trump administration’s agencies through four years reduced regulatory costs by almost $11,000 per household in present value,” said Mulligan. “On an annual basis, President Trump was on net reducing regulatory costs (more than $300 billion per year of rulemaking) almost as fast as Presidents Obama and Biden were creating them ($600 billion per year of rulemaking).”
“President Trump showed that regulatory costs can be subtracted rather than perpetually added,” the report continues. “Four years of President Trump reduced regulatory costs by about $11,000 per household. Eight years would have saved a total of more than $21,000, which is a gap of $61,000 to $80,000 from the Biden trajectory.”