Federal regulatory burdens are taking a toll on American households, with costs exceeding $15,000 per household each year, according to a recent report by The Competitive Enterprise Institute (CEI).
The report, titled “Ten Thousand Commandments,” was released on Tuesday and highlights the growing impact of federal regulations on the average American family’s budget.
The report criticizes the current regulatory environment, describing it as increasingly “extensive” and “politicized” under President Joe Biden’s administration.
Clyde Wayne Crews, a CEI expert, noted that the regulatory system has become “less transparent and accountable” in recent years, particularly under Biden’s leadership.
An executive order from President Biden in 2023 has been singled out for criticism, with claims that it understated the cost of regulation.
CEI’s report indicates that regulatory compliance costs and mandates imposed on businesses lead to higher prices, job losses, and reduced economic output.
This, in turn, negatively impacts American households and the broader economy. “Regulations undermine the economic success of American businesses and households and drag down the economy,” Crews stated. He called on Congress to take action to address the issue.
One of the more concerning aspects of the report is the revelation of a “hidden regulatory tax” that American families are paying each year.
Additionally, the report found that there have been 97 “economically significant” rules implemented in recent months, a figure that far exceeds the number of Congressional bills passed in 2023.
The report also highlights the burden on small businesses, with an average of 870 rules annually affecting them during Biden’s three years in office. This is notably higher than the averages during the Obama and Trump administrations, which stood at 694 and 701, respectively.
The findings from CEI’s annual report come amid rising living costs for many American households.
The Biden administration has faced criticism over various economic challenges, including national debt and inflation.
Recent polls have shown that the economy and inflation are among the top concerns for voters in the upcoming election cycle.
The call for Congressional intervention reflects a growing concern among many that regulatory policies need to be re-evaluated to support economic growth and household stability better.