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By Catholic Online (NEWS CONSORTIUM)

4/17/2014 (1 year ago)

Catholic Online (www.catholic.org)

In exchange for $1.9 trillion secret tax on economy, you get -- nothing.

The Wall Street Journal has exposed one of the greatest problems of the Obama administration and how its behavior is hurting the economy. While most would be quick to cry corruption, the reality is far more mundane and at least as dangerous.

Government regulation is a stealth tax on the economy costing $1.9 trillion annually.

Government regulation is a stealth tax on the economy costing $1.9 trillion annually.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

4/17/2014 (1 year ago)

Published in Politics & Policy

Keywords: Obama, secret tax, regulations, compliance


LOS ANGELES, CA (Catholic Online) - The Obama administration is legendary for passing massive quantities of regulation which are incredibly expensive and are destroying business and government efficiency.

Regulation is a two-edged sword. A measure of it is necessary to ensure both government and business follow the law, avoid discrimination and dangerous practices while serving the public good. However, as individuals find ways to break the system and cheat, for personal motives or for profit, new regulations are created to close these natural loopholes.

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Some administrations are more zealous at doing this than others, and the Obama administration is possibly the all-time champion.

According to the WSJ, which cited the Federal Register, 26,417 pages of new laws were passed in 2013, setting a new record.

Many Americans mistakenly believe that only Congress can make law, but this is false. The executive branch makes most of our law by exercising regulatory authority. The judicial branch can also impact things by "interpreting" laws in particular ways -what is commonly referred to as "legislating from the bench."

These regulations have a cost. The WSJ interviewed the Competitive Enterprise Institute's Wayne Crews who estimated the costs of these regulations to be about $1.9 trillion annually. U.S. households pay about $14,974 in these costs annually, mostly in the form of higher prices, passed along by businesses.

 Money spent on compliance is money that is no longer available to build infrastructure, to pay employees more, or to provide better benefits. It's money that is spent on bureaucratic jobs as opposed to creating jobs that produce products of value to the public that can be exchanged.

The WSJ explained: "This regulatory tax makes U.S. businesses less competitive, but it also burdens every American because it is embedded in the prices of all goods and services. Mr. Crews estimates that 'U.S. households 'pay' $14,974 annually in regulatory hidden tax,' or 23% of the average income of $65,596."

This is one of the great hidden costs of the Obama administration. The burdens imposed upon business go far beyond protecting consumers and employees, but rather serve as a hidden tax which raises the entry barrier to business, make business more expensive to conduct, and reduce the quality of life for all.

Some regulations are important and must be had, but if you need to pass 26,417 pages worth in a single year, that's a sign that something is sickeningly wrong with the establishment.

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