Not surprisingly, a new study from Mercatus shows Federal, state administration and control of production in America through regulatory restrictions is clearly bipartisan; always preceded with the real or imagined pretense of chaos and collapse, shaped by politicians most interested in their next election, lobbyist’s with the most money donated for access to shape/write law, and a last meeting before voting.
Always, the statist and corporate benefactor solution to any perceived problem is more central planning and state control, never less. Basically, the statist’s solution to our economic malaise is more free stuff to the people, more redistribution of wealth through higher taxation and borrowing forever.
No matter the faux problem claimed; the solution offered by politicians is more Federal, state control and regulation, but better this time. Sold as reform, righteous justice to the masses, failure of past state efforts never acknowledged.
Mercatus’ new study is timely considering President Obama’s newly announced EPA regulations which just add to the pile of economically destructive restrictions provided by successive left and right footed politicians. See figures.
Consider, since Jimmy Carter (1974) the Code of Federal Regulations (CFR) has grown from about 580,000 restrictions to about 1,070,000 restrictions in 2014. Under no president did regulatory restrictions decrease.
Historically, President Obama owns the record for most restrictions imposed in his first term, and in total just recently edging out George W. Bush for the highest total increase by any president (each added more than 70,000) and Obama has 18 more months to rule.
Just like our nation’s total debt, these two presidents, are responsible for more federal regulatory restrictions than all others combined. Truly bipartisan.
Clinton added the fewest regulations in total than all other six measured. Bill started like gang busters when the Democrat’s owned congress in his first two years, then was throttled with the GOP “94 Revolution” led by Newt Gingrich and the Contract with America when Republicans won control of Congress for the first time in 40 years and the rest of Clinton’s term.
Reagan had a ton in his first term, by far the fewest in his second term of the six measured. Guess that’s how you get tax cuts done with Tip O’neil and the Democrat controlled congress. Reagan implemented a smidge more restrictions in eight years than Carter did in one four year term. About double that of President Clinton’s eight year term.
Obama’s newly announced regulations alone are estimated to cost America minimum a loss of $1.3 trillion minimum in GDP over 25 years with no account for the compounding effect. Two decades, $2-2.5 trillion is more likely the wealth loss to US businesses and workers, just from this series of harmful regulations. $51 billion [annually] and an average of 224,000 fewer U.S. jobs every year through 2030 according to a Chamber of Commerce study.
Now consider the toll the cumulative Net detriment the more than one million regulatory restrictions have had on American businessmen, entrepreneurs, and workers over time, just in the last 40 years. Net, millions of jobs and tens of trillions of GDP and American wealth lost from a statist oversight and control through nonsensical, economically harmful regulations (some regulation increase is sensical, but shall not violate constitutional rule of law).
After pronouncing chaos, regulatory restrictions are how left and right footed duly elected neo-socialists go about the business of controlling and administering the means of production within a society. Saul, Lyndon, Franklin, Woodrow, Vlad, Karl all smile in their grave thankful for Sir John Meynard Keynes for conflating it all for the masses giving their illegitimate ideas currency with the less informed and state subsidized citizen.
I love Mercatus and GMU. Full article below.