The Biden administration has received criticism over its approach to regulatory policies, and a recent report highlights the potentially hefty costs of the president’s policies. According to the new report from the Committee to Unleash Prosperity, the Biden administration’s burden of regulations imposed costs of $1,078 per household. This amount is on top of the costs associated with regulations from former Presidents Obama and Trump in their respective first four years in office, totaling an estimated $10,000 per household.
The report, authored by Casey Mulligan, a professor of economics at the University of Chicago, compares the regulatory records of Biden, Trump and Obama. He notes that during Biden’s time in office, his administration had added regulatory costs at a rate of $617 billion per year of rulemaking, which, if Biden is re-elected, could skyrocket to $7 trillion and equate to almost $60,000 per household.
The study notes that while Biden has fewer regulations per year than Obama and Trump in nearly every category, he has implemented some especially costly regulations on student loans, vaccine mandates, automobile fuel economy and emissions standards, health, labor, telecommunications and consumer finance regulations.
In comparison, Trump oversaw large-scale deregulation throughout his time in office and was removing regulatory costs at an estimated rate of about $300 billion per year. Over four years, regulation reduction under Trump reportedly saved nearly $11,000 per household, and the report suggested Trump could have saved households upwards of $20,000–$30,000 in eight years as president.
The report ends by noting the connection between regulatory costs and slowed economic growth, declining worker productivity, and wages that fail to keep up with inflation. That connection is highlighted as the Biden administration touts its economic policies heading into the 2024 presidential campaign.
The Biden administration has decided to label their economic plan Bidenomics which is quickly turning into a joke.
Biden bizarrely brags about inflation, and then refuses to take any responsibility for it.
When Biden took office, inflation was at 1.4%. Today, inflation has been at or above 4% for 2 years, and even liberal economists blame Biden’s $1.9 trillion “stimulus.” pic.twitter.com/nQiWlekpBC
— RNC Research (@RNCResearch) June 28, 2023