The cost of federal regulations to American citizens, businesses and state and local governments has reached $1.17 trillion, according to a report just published by the Washington, D.C.-based Competitive Enterprise Institute (CEI). This equates to some $3,849 for each man, woman and child in the country. The same report found that the “Federal Register,” the government publication that is the compendium for federal rules, now stands at a staggering 79,435 pages!
The alarming cost of federal regulation, which serves as a millstone around the neck of businesses and state and local governments, is in addition to the soaring direct cost of the federal government, as evidenced by the projected federal spending level of $4.004 trillion in the current fiscal year, with a deficit that will climb to $1.845 trillion this year, and a national debt that already is almost $11.5 trillion.
But not to worry. President Barack Obama admits he “loses sleep worrying about the deficit.” Sort of like an alcoholic worrying that he drinks too much, as he reaches for another drink to drown his worries.