Filed under: Bureaucracy, Capitalism, Democrat Corruption, Domestic Policy, Economics, Free Markets, Freedom, Progressivism, Regulation, The United States, Unemployment | Tags: Progressive Egoists, Slowest Recovery in 70 Years, The Washington Elite
Michelle Obama remarked in a convention speech that Barack inspired her with his statement that America as it is just won’t do, we instead need an America as “it ought to be.” That more or less captured the Progressive idea that in order to remake America those folks who know better how things ought to be, need to force their vision on the American people.
A new report soon to be released shows the President Obama’s regulators have completed their 600th major rule. A “major rule” is one that imposes costs on the economy greater than $100 million.That’s 81 big regulations a year, or as the Wall Street Journal says “roughly one every three days the government is open. Who says our bureaucracies are inefficient?”
The progressive explanation for the slowest economic recovery in nearly 70 years is that expansions after financial crises are always like this. There appears to be no statute of limitations on this excuse, which is especially convenient every four years. But those who want more than a political rationalization might look to the all-time presidential record of costly regulation set by the Obama Administration.
Sam Batkins of the American Action Forum did the study, and he calculates that the economic cost of all of this adds up to $743 billion, which is larger than the GDP of Norway and Israel combined. He suggests that “it amounts to a regulatory tax of $2,294 on every American.”
Mr. Batkins worked with figures supplied by federal agencies, and since they like to make themselves look good, it is likely the numbers are underestimated. It means a dramatic cost to the economy, closed businesses, and lost jobs — and 1% to 2% growth. Why yes, that’s just where we are.
Going forward, the Administration plans to finish up greenhouse gas standards for heavy-duty trucks ($31 billion), efficiency rules for manufactured housing ($4.1 billion), and more. Two-term Presidents often rush out rules in the lame duck months after the election, and Mr. Obama could do so without fear of political override if Hillary Clinton wins the election. She’d surely veto any bill Congress passed under the Congressional Review Act.
Hillary cannot help herself, she is promising goodies to every potential voting group. Free college tuition, low interest or free loans, then loans on the loans to allow them to borrow money to pay back their student loans while opening a new business. Brilliant! Add on infrastructure — why is it always infrastructure? Those are usually construction jobs, and gone when the road or bridge is done. She also promises all sorts of renewable energy jobs, but we have already established that there aren’t many jobs in renewable energy.
The progressive conviction that they are smarter and more clever than the rest of us, and thus know just how to regulate our lives gets old pretty fast. A silly rule like requiring calorie counts on all ingredients in a restaurant menu can mean a major financial catastrophe for a pizza place where they have a great assortment of ingredients to fill customers individual choices. And people don’t care anyway. Most never read the calorie counts. They know roughly what a pizza is going to cost their diet, and don’t care or they wouldn’t be there. Congress is supposed to be making the laws, not a bunch of agencies.
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