Obama has set a number of records during his presidency – the downside is that all of them have harmed America.
Racking up $20 trillion in national debt was one such record, and there hasn’t been much to show for it. To put in perspective just how much debt that is, it amounts to $166,559 each for every taxpayer in America! And that doesn’t even begin to include the over $100 trillion in unfunded liabilities we owe due to entitlements.
As our national debt has continued to climb, Obama has only made life more difficult for the businesses who will need to generate the tax revenues to pay for that debt down the line. This year Obama set the record for the most regulations passed in a single year – 81,640 pages as of November 17th, to be exact. Obama is the only president to ever surpass the 80,000 mark of regulatory pages produced, achieving the feat four times, adding 572 pages on November 17th alone, a record within itself.
And what’s the cost of it all? Just the cost of EPA regulations alone are staggering:
The new implementation of EPA rules on heavy trucks has boosted the 10-year regulatory burden on America past $1 trillion, 75 percent of which have been imposed by the Obama administration.
That amounts to a one-time charge of $3,080 per person, or an annual cost of $540, according to a new analysis from American Action Forum.
“In other words, each year every person, regardless of age, in the nation is responsible for paying roughly $540 in regulatory costs. These burdens might take the form of higher prices, fewer jobs, or reduced wages,” said AAF’s Sam Batkins, director of regulatory policy at the watchdog group.
“The Obama Administration surpassed 500 major regulations last summer, imposing $625 billion in cumulative costs. Earlier this year, regulators published the administration’s 600th major rule, increasing burdens to $743 billion. Now, thanks to data from the last term of the Bush Administration and another billion-dollar rule from EPA, the regulatory tally has surpassed $1 trillion. These figures are direct estimates from federal regulators, but it will take more than an effort from these regulators to amend hundreds of major regulations.”
H/T: Washington Examiner
Incoming President-elect Trump has promised to kill two current regulations for every new one he adds. According to a Gallup poll, 22 percent of small business owners say that “complying with government regulations” is the most important problem facing them today, beating out weak consumer confidence and demand as a concern.
Undoing some of Obama’s cumbersome regulations, combined with lowering taxes, will give the economy the boost that has been sorely missing in the Obama era. Obama’s “economic stimulus” turned out to be nothing more than an economic sedative in the end.
Thank God we have a President-elect who will undo this legacy rather than continue it!
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