Staff Reports
The Biden administration has added over $1 trillion worth of rules and regulations to the U.S. economy in 2024, according to the American Action Forum. These regulations, including vehicle emissions rules, are estimated to have significant costs. Some experts have raised concerns about these regulations' impact on businesses and consumers.
In one week alone, the federal government introduced regulations that could cost $103 billion and require 11.6 million hours of paperwork annually. Additionally, there were 38 proposed rules that could amount to $34 billion in costs. The Department of Labor and the Department of Health and Human Services were among the agencies introducing major and costly regulations during this time period.
This past week, the final rule cost total for just 2024 can now be measured in 13 digits. While no rule matched the singular impact of the prior week’s EPA rule – because, really, what could? – this was also one of the more prolific weeks in recent memory. https://t.co/ayWiFEmg3b
— American Action Forum (@AAF) April 29, 2024
The Biden administration's regulatory agenda has been notably expensive compared to previous administrations. Some economists fear that the economy could be headed towards "stagflation," a concerning combination of slow economic growth and high inflation. This could have serious implications for voters and the upcoming 2024 elections.
Critics of the administration argue that these regulations are burdensome and could hinder economic growth. They believe that a more hands-off approach, similar to former President Donald Trump's, would benefit businesses and individuals more. It remains to be seen how the Biden administration will navigate these concerns and whether they will continue prioritizing regulatory actions.
The Daily Caller News Foundation, which provided this information, emphasizes the potential impact of these regulations on the economy. It is important for Americans to stay informed about government actions that could affect their daily lives and financial well-being.
