Because when smart people make great arguments regarding the burden of regulation, I feel it should be spread around.
In prior posts, I’ve shared some remarkable numbers on the cost of regulation.
- Americans spend 8.8 billion hours every year filling out government forms.
- The economy-wide cost of regulation is now $1.75 trillion.
- For every bureaucrat at a regulatory agency, 100 jobs are destroyed in the economy’s productive sector.
But the long-run damage may be even worse than any of us suspected. Here are some details about a new study, as digested by Reason’s science expert.
The growth of federal regulations over the past six decades has cut U.S. economic growth by an average of 2 percentage points per year, according to a new study in the Journal of Economic Growth. As a result, the average American household receives about $277,000 less annually than it would have gotten in the absence of six decades of accumulated regulations—a median household income of $330,000 instead of the $53,000…
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