Biden's Economic Policies Strike Americans Again

[KFsdisciple]

Federal regulations added record-breaking costs of $2.1 trillion for the average American in 2023, according to a study from the Competitive Enterprise Institute (CEI) released Tuesday.

The eye-popping sum, which incorporates the calculated impact of federal regulations as well as compliance costs, resulted in a “hidden tax” of $15,788 per U.S. household, and was equivalent to nearly 8% of GDP, the CEI’s annual “Ten Thousand Commandments” report found. The Biden administration helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.

President Joe Biden’s new regulations on small businesses were also partially responsible for the increase, according to CEI.

Read: GOP VP Candidate Ohio Sen. JD Vance To Visit Southern Border In Arizona

“Biden’s three years have averaged 870 rules annually in the Federal Register affecting small business, compared with 694 and 701 for Obama and Trump, respectively,” wrote Clyde Wayne Crews Jr., the study’s author, who researches federal regulations at CEI.

Overall, the Biden administration finalized 3,018 rules in 2023, the second lowest count since 1976. But the number of pages in the Federal Register detailing those rules was the second-highest per year on record, suggesting the regulations may be “broader in scope,” the study said.

The $2.1 trillion cost of regulations — equivalent to 8% of GDP — was also driven by “Biden-era mandates” that “affect[ed] state and local governments at heights not seen in over a decade,” according to the study

he largest segment in the annual cost of federal regulation and intervention was economic regulation, with an expense of $522 billion in 2023. The environment was a close second, with a price tag of $422 billion.

CEI’s “Ten Thousand Commandments” also noted the amount of labor spent creating regulations.

“The 10.34 billion hours Washington says it took to complete federal paperwork in 2022…translate to the equivalent of 14,883 human lifetimes,” Crews Jr. wrote, citing the Information Collection Budget.

 

[Formerly Rockymtnole]

Cost, number of pages, man hours… but what did the regulations cover? Maybe it’s air safety, or cybersecurity, or defense procurement, or food safety, or environmental protection, etc etc etc.

Or are we just assuming all regulation is bad, regardless of topic?

 

[Whiskeydeltadeltatango]

If I've said it once I've said it a hundred times, replacing Joe with Kamala is like shitting your pants and then changing your shirt.

 

[Formerly Rockymtnole]

If I've said it once I've said it a hundred times, replacing Joe with Kamala is like shitting your pants and then changing your shirt.

You get tired of waiting for a good place to drop this zinger?

 

[torbee]

You get tired of waiting for a good place to drop this zinger?

Third time he’s posted it.

In his defense, he’s only clever twice a year so pat him on the head and say good job 😉

 

[Whiskeydeltadeltatango]

You get tired of waiting for a good place to drop this zinger?

You kidding? I have to keep it on a pitch count.

 

[Whiskeydeltadeltatango]

Third time he’s posted it.

In his defense, he’s only clever twice a year so pat him on the head and say good job 😉

I operate on the fiscal year.

 

[KFsdisciple]

Cost, number of pages, man hours… but what did the regulations cover? Maybe it’s air safety, or cybersecurity, or defense procurement, or food safety, or environmental protection, etc etc etc.

Or are we just assuming all regulation is bad, regardless of topic?

The largest segment in the annual cost of federal regulation and intervention was economic regulation, with an expense of $522 billion in 2023. The environment was a close second, with a price tag of $422 billion.

That's as deep as the article goes.

 

[Formerly Rockymtnole]

The largest segment in the annual cost of federal regulation and intervention was economic regulation, with an expense of $522 billion in 2023. The environment was a close second, with a price tag of $422 billion.

That's as deep as the article goes.

Well, that’s not very deep, is it?

Definitions, assumptions, historical data, methodology… all relevant to evaluating these types of reports.

 

[noleclone2]

Seems a bit desperate on the spinning here. And oh yeah, the Brandon stores have all closed, so saying Dork Brandon is just, well, weird.

 

[KFsdisciple]

Well, that’s not very deep, is it?

Definitions, assumptions, historical data, methodology… all relevant to evaluating these types of reports.

The "why" or "how" doesn't change the bottom-line figures though.

 

[Finance85]

OP, I think you could make your point better if you didn't start off with an inflammatory thread title.

Also, as pointed out by other posters, more context is needed.

 

[KFsdisciple]

Persistently high government spending under the Biden administration propped up U.S. economic growth in the second quarter of 2023, economists told the Daily Caller News Foundation.

Real gross domestic product (GDP) grew 2.8% in the second quarter of 2024, far higher than economists’ expectations of 2.1%, according to the Bureau of Economic Analysis (BEA). However, a significant portion of the recorded growth in the quarter was driven by government spending, both directly through a rise in government expenditures and indirectly through growth in sectors that benefit heavily from taxpayer dollars, according to economists who spoke to the DCNF.

“Government spending has played a large role in much of the economic growth seen over the past few years,” Peter Earle, a senior economist at the American Institute for Economic Research, told the DCNF. “The problem with that, of course, is that government spending is redistribution: taxing certain citizens or floating more trillions of dollars in debt to send those dollars to other citizens. It’s not innovative entrepreneurship or other productive commercial undertakings.”

In the second quarter of 2024, government consumption grew 3.1%, up from 1.8% the quarter prior, and was responsible for approximately 19% of the quarter’s total growth, according to the BEA.

“We’re borrowing $1.8 trillion this year to get 2.8% growth this quarter, and we got 1.4% last quarter. So we’re getting approximately 2.1% growth by spending almost $2 trillion,” Michael Faulkender, chief economist at the America First Policy Institute, told the DCNF. “How do you not get 2% GDP growth when you’re borrowing $2 trillion? It is not an accomplishment… It’s not a reflection of sustainable economic policy.”

E.J. Antoni, a research fellow at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, told the DCNF that even the increase in consumer spending, which totaled 2.3% in the second quarter — up from 1.5% in the previous quarter — was also partially driven by government expenditures.

“Government purchases do not include all of government spending. When government takes money from one person and gives it to another in the form of welfare, for example, it gets counted as consumer spending,” Antoni told the DCNF. “Currently, about $4.2 trillion of annual consumer spending is government transfers, illustrating how total government spending is much larger than the GDP report indicates.”

Consumer spending in the second quarter totaled an annualized $19.38 trillion, meaning over one-fifth of personal consumption expenditures come from government transfers, according to the BEA.

The U.S. national debt currently sits at around $35 trillion as of July 29, an increase of around $7.3 trillion from when Biden first took office on January 20, 2021, according to the Treasury Department.

“What were the big things that contributed to the GDP number? You have a big increase in health care spending, which is consistent with all the jobs we’ve seen in health care, and a lot of that is paid for by government,” Faulkender told the DCNF. “You have money going into transportation investment, which is deficit-funded [Inflation Reduction Act] money [and] you had the increase in government spending.”

Healthcare spending was responsible for approximately 16% of GDP growth in the second quarter, according to the BEA. In 2022, government sources accounted for just over 45% of healthcare spending, according to the Congressional Research Service.

The healthcare industry has also underpinned recent U.S. job gains, accounting for 49,000 of the 206,000 nonfarm payroll jobs added in June, and approximately 29% of all jobs added in the last twelve months, according to the Federal Reserve Bank of St. Louis (FRED).

 

[Formerly Rockymtnole]

The "why" or "how" doesn't change the bottom-line figures though.

What was your takeaway from this snippet?

 

[CarolinaHawkeye]

I didn't realize that all government regulations came in during the Biden administration. Who knew such things?

 

[KFsdisciple]

OP, I think you could make you point better if you didn't start off with an inflammatory thread title.

Also, as pointed out by other posters, more context is needed

I edited the thread title to be less inflammatory, but I hope to see some policing of anti-trump thread titles in the future. I'm far from the first to make such inflammatory thread titles, but I don't typically see a suggestion to edit it.

 

[KFsdisciple]

I didn't realize that all government regulations came in during the Biden administration. Who knew such things?

The $2.1 trillion cost of regulations — equivalent to 8% of GDP — was also driven by “Biden-era mandates” that “affect[ed] state and local governments at heights not seen in over a decade,” according to the study

 

[TornadoHawk93]

Federal regulations added record-breaking costs of $2.1 trillion for the average American in 2023, according to a study from the Competitive Enterprise Institute (CEI) released Tuesday.

The eye-popping sum, which incorporates the calculated impact of federal regulations as well as compliance costs, resulted in a “hidden tax” of $15,788 per U.S. household, and was equivalent to nearly 8% of GDP, the CEI’s annual “Ten Thousand Commandments” report found. The Biden administration helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.

President Joe Biden’s new regulations on small businesses were also partially responsible for the increase, according to CEI.

Read: GOP VP Candidate Ohio Sen. JD Vance To Visit Southern Border In Arizona

“Biden’s three years have averaged 870 rules annually in the Federal Register affecting small business, compared with 694 and 701 for Obama and Trump, respectively,” wrote Clyde Wayne Crews Jr., the study’s author, who researches federal regulations at CEI.

Overall, the Biden administration finalized 3,018 rules in 2023, the second lowest count since 1976. But the number of pages in the Federal Register detailing those rules was the second-highest per year on record, suggesting the regulations may be “broader in scope,” the study said.

The $2.1 trillion cost of regulations — equivalent to 8% of GDP — was also driven by “Biden-era mandates” that “affect[ed] state and local governments at heights not seen in over a decade,” according to the study

he largest segment in the annual cost of federal regulation and intervention was economic regulation, with an expense of $522 billion in 2023. The environment was a close second, with a price tag of $422 billion.

CEI’s “Ten Thousand Commandments” also noted the amount of labor spent creating regulations.

“The 10.34 billion hours Washington says it took to complete federal paperwork in 2022…translate to the equivalent of 14,883 human lifetimes,” Crews Jr. wrote, citing the Information Collection Budget.

This was totally avoidable......but it was just Biden being Biden. UGH

 

[CarolinaHawkeye]

The $2.1 trillion cost of regulations — equivalent to 8% of GDP — was also driven by “Biden-era mandates” that “affect[ed] state and local governments at heights not seen in over a decade,” according to the study

Every time a new regulation goes in, it's to heights not seen.

 

[Rifler]

Every time a new regulation goes in, it's to heights not seen.

Well,.. If you have a basic understanding of measurement it does seem rather obvious.

 

[TornadoHawk93]

Federal regulations added record-breaking costs of $2.1 trillion for the average American in 2023, according to a study from the Competitive Enterprise Institute (CEI) released Tuesday.

The eye-popping sum, which incorporates the calculated impact of federal regulations as well as compliance costs, resulted in a “hidden tax” of $15,788 per U.S. household, and was equivalent to nearly 8% of GDP, the CEI’s annual “Ten Thousand Commandments” report found. The Biden administration helped drive the surge in regulatory costs, completing 97 rules with costs of $100 million or more.

President Joe Biden’s new regulations on small businesses were also partially responsible for the increase, according to CEI.

Read: GOP VP Candidate Ohio Sen. JD Vance To Visit Southern Border In Arizona

“Biden’s three years have averaged 870 rules annually in the Federal Register affecting small business, compared with 694 and 701 for Obama and Trump, respectively,” wrote Clyde Wayne Crews Jr., the study’s author, who researches federal regulations at CEI.

Overall, the Biden administration finalized 3,018 rules in 2023, the second lowest count since 1976. But the number of pages in the Federal Register detailing those rules was the second-highest per year on record, suggesting the regulations may be “broader in scope,” the study said.

The $2.1 trillion cost of regulations — equivalent to 8% of GDP — was also driven by “Biden-era mandates” that “affect[ed] state and local governments at heights not seen in over a decade,” according to the study

he largest segment in the annual cost of federal regulation and intervention was economic regulation, with an expense of $522 billion in 2023. The environment was a close second, with a price tag of $422 billion.

CEI’s “Ten Thousand Commandments” also noted the amount of labor spent creating regulations.

“The 10.34 billion hours Washington says it took to complete federal paperwork in 2022…translate to the equivalent of 14,883 human lifetimes,” Crews Jr. wrote, citing the Information Collection Budget.

On another note.....this is a bit concerning...but again, not totally out of thin air.

July Labor Report Preview: The Unemployment Rate To Confirm An Imminent Recession......

Based on the Sahm Recession Indicator (created from a Fed-sponsored empirical study). This indicator has only been off one time since it was created and that was during the early 70's.

Summary​

• The unemployment rate likely to confirm an imminent recession, based on the Sahm Indicator.
• Other labor market data are also pointing to a weakening labor market, such as a decrease in full time jobs, negative revisions to payrolls, and an increase in initial claims.
• Thus, the S&P 500 is facing a recessionary bear market.

Lets hope none of this comes to pass. It has been a fear for a while that a reckoning is going to come. But, I am trying to stay positive.

 

[jneffer]

The "why" or "how" doesn't change the bottom-line figures though.

the "why's" and "how's" are based on assumptions and methodologies...that's entirely how they get to those bottom-line figures

it's not like they look at a bunch of invoices and total all of the "cost of Biden regulations" line items

they develop a methodology built on assumptions and go from there

 

[KFsdisciple]

the "why's" and "how's" are based on assumptions and methodologies...that's entirely how they get to those bottom-line figures

it's not like they look at a bunch of invoices and total all of the "cost of Biden regulations" line items

they develop a methodology built on assumptions and go from there

Assumptions and methodology sounds like code for policies to me.