Current federal regulations plus those coming
under Obamacare will cost American taxpayers and businesses $1.8
trillion annually, more than twenty times the $88 billion the
administration estimates, according to a new roundup provided to Secrets
from the libertarian Competitive Enterprise Institute.
And it could grow, warned the author of the report, Clyde Wayne Crews, a CEI vice president.
Complying with Health and Human Services Department requirements alone, he revealed, costs $184 billion a year, yet regulators are still drafting the rules for the 2,400-page Obamacare law that kicks into gear in 2014.
Crews has made a working project of his "Tip of the Costberg" report which he regularly updates. In it, he compares the cost of regulations estimated by federal agencies to a much broader list of estimates from multiple federal and independent sources. And even then, he said, it doesn't include hard-to-calculate costs associated with antitrust intervention, regulation of electricity networks, or the cost of constrained access to natural resources.
"While OMB officially reports amounts of only up to $88.6 billion in 2010 dollars," said Crews, "the non-tax cost of government intervention in the economy, without performing a sweeping survey, appears to total up to $1.806 trillion annually."
But, he added, "according to back of the envelope surveys and roundups, with gaps big enough to fit the beltway through, that up to $1.806 trillion annually and in many categories perhaps even considerably more, is a defensible assessment of the annual impact on the economy."
Read more: http://washingtonexaminer.com/1.8-trillion-shock-obama-regs-cost-20-times-estimate/article/2508466#.UFzhkRg00y7
And it could grow, warned the author of the report, Clyde Wayne Crews, a CEI vice president.
Complying with Health and Human Services Department requirements alone, he revealed, costs $184 billion a year, yet regulators are still drafting the rules for the 2,400-page Obamacare law that kicks into gear in 2014.
Crews has made a working project of his "Tip of the Costberg" report which he regularly updates. In it, he compares the cost of regulations estimated by federal agencies to a much broader list of estimates from multiple federal and independent sources. And even then, he said, it doesn't include hard-to-calculate costs associated with antitrust intervention, regulation of electricity networks, or the cost of constrained access to natural resources.
"While OMB officially reports amounts of only up to $88.6 billion in 2010 dollars," said Crews, "the non-tax cost of government intervention in the economy, without performing a sweeping survey, appears to total up to $1.806 trillion annually."
But, he added, "according to back of the envelope surveys and roundups, with gaps big enough to fit the beltway through, that up to $1.806 trillion annually and in many categories perhaps even considerably more, is a defensible assessment of the annual impact on the economy."
Read more: http://washingtonexaminer.com/1.8-trillion-shock-obama-regs-cost-20-times-estimate/article/2508466#.UFzhkRg00y7
No comments:
Post a Comment