The Obama administration has many “legacies.” Today we focus on just one. The disaster that was the presidency of Barack Hussein Obama is fading from the memory of the voting public. That’s good. The reason it is fading; the total focus of the media on destroying Trump is not good (more on this tomorrow). But it is worthwhile to take a walk down memory lane from time to time to see what poor President Trump still needs to fix.
[Source: EDITORIAL: The Obama regulatory frenzy. Las Vegas Review Journal]
The Competitive Enterprise Institute (CEI) is a public policy think tank that is “dedicated to advancing the principles of limited government, free enterprise, and individual liberty.” Annually, the CEI releases what they term the “Ten Thousand Commandments.” The document analyzes the “hidden taxes” associated with America’s vast regulatory state. The report examines the size, extent and cost of these rules and mandates.
According to the CEI report the total federal regulatory costs have hit an astounding $1.885 trillion per year. Again, such a number is so large that the average American simply can’t grasp its significance.
Under such circumstances, comparisons are useful. Let’s say you are Canadian and you pick up the morning newspaper and see the headline “GDP of Canada has sunk to ZERO!!!” That might get your attention. The sum of $1.885 trillion per year is greater than the GDP of Canada. Or let’s say you are an Australian and you pick up the morning newspaper and see the headline “The value of all goods and services last year was just STOLEN from the treasury!!!” Again that might get your attention.
I could have gone on and on and on. Only 8 nations in the world have a GDP larger than $1.885 trillion. The remaining 190 nations DO NOT! Italy, Spain, Sweden, the Netherlands and Norway – all those nations that the left points to as great socialist nations – are not on the list of nations with GDPs of $1.885 trillion. They would all be beyond “broke.”
And how about us Americans? That price tag is essentially a hidden tax that amounts to upwards of $15,000 per U.S. household each year. The cost of that regulatory compliance exceeds the $1.82 trillion that the IRS collected in both individual and corporate income taxes.
Let’s return to our “benefactor,” Barack Hussein Obama. The Federal Register studied in the report (for the year 2015) clocks in at 80,260 pages. That is the third highest page count in its history. But here is the kicker! Of the seven highest Federal Register page counts, President Obama was responsible for six of them in seven years. The Obama administration averaged 81 major regulations a year over that period. But he had a little time left to feed his regulatory frenzy! He didn’t waste it! There are currently roughly 60 federal departments, agencies and commissions with 3,297 regulations in some form of development.
This is what President Trump is trying to reverse. It isn’t as though getting rid of every last one of the Obama regulations gets us back to zero. There were plenty of unnecessary regulations that preceded his presidency.
Poor President trump – so much work to do.
And thanks to BC for sending this to me.