- Post 20 September 2012
- By Copy Editor
And it could grow, warned the author of the report, Clyde Wayne Crews, a CEI vice president.
Complying with Health and Human Services Department requirements alone, he revealed, costs $184 billion a year, yet regulators are still drafting the rules for the 2,400-page Obamacare law that kicks into gear in 2014.
Crews has made a working project of his "Tip of the Costberg" report which he regularly updates. In it, he compares the cost of regulations estimated by federal agencies to a much broader list of estimates from multiple federal and independent sources. And even then, he said, it doesn't include hard-to-calculate costs associated with antitrust intervention, regulation of electricity networks, or the cost of constrained access to natural resources.
"While OMB officially reports amounts of only up to $88.6 billion in 2010 dollars," said Crews, "the non-tax cost of government intervention in the economy, without performing a sweeping survey, appears to total up to $1.806 trillion annually." ...Full Story...