- Sep 15, 2008
- Reaction score
- rocky mountains
While the private-sector is drowning under a perpetual recessionary storm, U.S. regulatory agencies are flourishing. "If the federal government’s regulatory operation were a business, it would be one of the 50 biggest in the country in terms of revenues, and the third largest in terms of employees, with more people working for it than McDonald’s, Ford, Disney and Boeing combined," writes John Merline of Investors.com.
Indeed, the federal regulatory business is thriving, and if there is one "victory" President Obama can declare, this is it, because government regulation has grown rapidly under his watch.
Regulatory agencies have seen their combined budgets grow a healthy 16% since 2008, topping $54 billion, according to the annual "Regulator's Budget," compiled by George Washington University and Washington University in St. Louis.
That's at a time when the overall economy grew a paltry 5%.
Since Obama took office, 75 new major regulations have been enacted, costing $38 billion annually, according to a study by the Heritage Foundation. "No other president has imposed as high a number or cost in a comparable time period," wrote James Gattuso, the study’s author.
The Heritage study predicts that this flood of new red tape will only intensify, as hundreds of new regulations will flow from the tentacles of ObamaCare, the Dodd-Frank financial regulation law, and the EPA’s war on global warming.
Regulatory Agencies Boom Under Obama Administration
Proof that the Federal Government has grown in leaps and bounds while the private sector continues to shrink under the Obama administration.
My favorite new regulatory policy of the Obama administration--is the new Goat/Sheep herder legislation.
Team Obama Regulates Goat Herders' Workplaces - HUMAN EVENTS