‘HIDDEN TAX’: Red tape tab nears $2T
Another step closer to Obama’s dream of the US being a totalitarian nation with government in control of everything.
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For America’s businesses, the Obama administration has an unpleasant holiday surprise.
A new report on the government’s regulatory actions was released just before Thanksgiving, and it contains more than 3,300 rules — which the Competitive Enterprise Institute (CEI) estimates will cost more than $1.8 trillion to implement on an annual basis.
At a time when the economy is still struggling to zoom out of its post-recession rut, businesses worry that the crush of regulation is another sandbag weighing down the recovery.
“Back in the ’90s, the federal budget itself was not even $1.8 trillion,” said Wayne Crews, vice president of policy for CEI. “Now we have this entire $1.8 trillion hidden tax, you could say, of government compliance and intervention cost imposed in the economy.”