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Deregulating America's Regulatory Burden

At his American Enterprise Institute blog last week, James Pethokoukis highlights a new report from the President's Council of Economic Advisors (CEA) on the growth potential of deregulation.

In introducing the report, Pethokoukis reminds us that "not every regulation is a bad one or is preventing sustainable and balanced economic growth. But some do, and the report correctly highlights occupational licensing as one barrier to labor market entry. Regulation that empowers incumbents over challengers is what I worry about. Bans on plastic water bottles in national parks, less so."

Here is the CEA report's summary:

"Excessive regulation is a tax on the economy, costing the U.S. an average of 0.8 percent of GDP growth per year since 1980. This taxation by regulation has increased sharply in recent years, with approximately 500 new economically significant regulations created over the last eight years alone. Through a thorough review of the literature, the Council of Economic Advisers (CEA) finds that deregulation will stimulate U.S. GDP growth."

Pethokoukis presents a picture of America's regulatory burden in five charts, including a chart comparing the regulatory burden borne by the 35 countries in the Organization for Economic Co-Operation and Development, which appears below:

 

So take a few minutes to scan the other four charts that Pethokoukis highlights. The 18-page CEA report discusses each of the charts more fully. It contains almost three pages of references.

Finally, we growled on June 12, 2017 pointing out the cost and burden of federal regulations is $1.9 trillion, based upon the most recent report from the Competitive Enterprise Institute.

Growls readers are encouraged to take a few minutes to write or call their Congressional representatives. Tell them what you think about the cost burden of federal regulations. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:

  • Senator Mark Warner (D) -- write to him or call (202) 224-2023
  • Senator Tim Kaine (D) -- write to him or call (202) 224-4024
  • Representative Don Beyer (D) -- write to him or call (202) 225-4376

And ask for a written response. And tell them ACTA sent you.

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