April 29, 2014
Crews estimates the annual cost of compliance with the record number of new federal rules and regulations issued under President Obama at $1.863 trillion.
That works out to a $14,974 “hidden tax” every year for the average U.S. household. That’s 23 percent of the $65,596 annual average household income in America.
Related: U.S. Regulatory Costs Are World’s No. 10 Economy. “After years of rapid growth during the Obama administration, the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world.” And many people fatten off those costs as they eat up the nation’s substance.