More “historic” things to add to the list of Obama’s “accomplishments.”
According to American Action Forum, President Obama, in his nearly eight years in office, has passed a regulatory milestone of 600 major regulations. This is 20% more than Bush, who passed 426 regulations in his entire eight years.
The AAF notes that a “major regulation” is one that has an economic impact of $100 million dollars or more. This enormity of the number comes into focus when you see that Obama averages about 81 of these major regulations a year, or one every three days, or two week.
So what this mean for us economically?
According to American Action Forum (AAF) research, based on data provided by agencies, it’s at least $743 billion (including deregulatory measures) and 194 million paperwork burden hours (President Bush issued roughly $2 billion in major rules in 2009). To put those figures in perspective, $743 billion is larger than the Gross Domestic Product (GDP) of Norway and Israel combined. It is a $2,294 regulatory imposition on every person in the United States. In the equivalent amount of time to complete 194 million additional hours of paperwork, it would take 97,429 employees working full-time (2,000 hours a year) to comply with these new federal requirements. That’s roughly the population of Albany, NY working full-time filling out government forms.
And it’s important to keep in mind that Obama’s not done in office yet. So far in 2016, he’s only passed 40 major regulations, and if he’s averaging around 81, then he’s still got some spending to do.
President Clinton issued 19 notable regulations during his lame duck January and President Bush issued 10 major rules. President Obama could easily top 650 major rules by the time the next president takes the oath of office (31 percent more than his predecessor).
What will the final tally be for major regulations? To date, the administration’s major rules have cost, on average, $1.4 billion. With the possibility of 50 more rules, the lame duck tally could push this regulatory cost figure to $813 billion ($743 billion base plus $70 billion in future rules). That’s more than the GDP of the Philippines, a country with 100 million people.
According to AAF, Obama’s spending, and projected spending looks like this.
Obama’s spending habits are nothing short of frightening, not to mention very expensive.
This isn’t the only historic, record breaking thing Obama has done with our economy. Days ago I reported that Obama will be the first President in history to not break 3% GPD growth.