Biden’s Regulatory Deluge Soaks America’s Economy
In two years, the Bidens have slapped on 517 regulatory actions with roughly $318 billion in total economic costs.
So, most of the media attention right now is focused on the Department of Energy’s dramatic conclusion that Covid probably started as a man-made lab leak at Wuhan, China. Plus, there’s a fair amount of attention on the alarming rise in federal spending deficits and debt.
Also, here’s a big hat tip to the WSJ editorial page for bringing in President Biden’s regulatory deluge. This is really a gigantic story that is under-reported, and it is a story that has a lot to do with the poor performance of the Biden economy, which in his first full year in office, 2022, grew by a miniscule 0.9 percent with 6.5 percent inflation.
The CBO, by the way, is looking for less than 2 percent future growth as far as the eye can see. We need 4 percent growth for true prosperity. Regulatory obstacles are playing a big role in these dismal numbers.
In two years, the Bidens have slapped on 517 regulatory actions with roughly $318 billion in total economic costs. That’s a lot. That’s an awful lot. The American Action Forum suggests another 311 regs are in the pipeline for another nearly $200 billion in costs.
Regulations barely budged during the Trump administration, but Mr. Biden has outdone himself, because he’s not just reversing President Trump, which is what he always does for the sake of reversing Mr. Trump, he’s even beating President Obama — his former boss — and we all thought that wouldn’t be easy.
Of course there’s also the war against fossil fuels. There’s the SEC. There’s the FCC. There’s the federal student loan cancellations from education. There’s all manner of FDA and HHS. In general it’s the Biden war against business.
Maybe the Supreme Court’s West Virginia v. EPA decision can slow this down. Because this regulatory binge is not about legislation. It’s mostly about big government, central planning — what Steve Forbes calls “modern socialism” through the regulatory state.
Regulations have high costs, and lots of paperwork, and lawsuits, and reduced profits, which cuts jobs and lowers wages for typical families.
If Mr. Biden had his way, he would’ve reversed all the Trump tax cuts also, and he’s already had kind of a head start on this. But Mr. Biden’s regulatory assault has thrown so much sand in the gears of business that he might even get by without jacking up taxes.
Every time Mr. Biden talks about onshoring, especially for semiconductors and manufacturing, I think about slashing taxes and regulations. Make America the most hospitable investment home for business in the world, and then we’ll onshore everything. Just think of it.
From Mr. Kudlow’s broadcast on Fox Business News.