Forbes – How to Ease the Crushing Costs of Federal Regulations

2 May

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“You can look at the federal budget and see what we spend. There is nothing like that with respect to regulations. I tabulate the annual cost of regulation to be about $1.8 Trillion. Any regulation that is expected to cost over $100 million is supposed to get a cost-benefit analysis. Obama added $20 billion in new regulatory costs just last year. Every year there are over 3,500 new rules that come out of the federal government. Do you know how many rules got a cost-benefit analysis last year? Fourteen!”

Thus spoke Wayne Crews, Vice President for Policy at the Completive Enterprise Institute and author of Ten Thousand Commandments, CEI’s annual snapshot of the federal regulatory state. Wayne, my first guest this week on RealClear Radio Hour, can quote facts and figures the way a baseball aficionado spits out batting statistics. The mind reels under the weight of the huge numbers, so how do we make them digestible?

“Try this,” Wayne suggests. “Regulatory costs amount to an average of $14,974 per household—23 percent of the average household income of $65,596. This exceeds every item in the household budget except housing—more than health care, food, transportation, entertainment, apparel, services, and savings.”

Yes, but aren’t we getting our money’s worth? Our air and water are incomparably cleaner than when I was a kid. And traffic deaths are down, as modern automobiles have become engineering marvels designed to protect passengers caught in crashes.

To read the rest of the column, click here.

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