No wonder the economy remains stagnant and businesses won’t hire. Thanks to Obama’s new regulations.
The Obama administration issued $236 billion worth of new regulations last year, according to a report from a conservative think tank.
The analysis from the American Action Forum, led by former Congressional Budget Office Director Douglas Holtz-Eakin, found that the administration added $216 billion in rules and more than $20 billion in regulatory proposals in 2012. Complying with those rules will require an additional 87 million hours of paperwork, the report said.
The group put the total price tag from regulations during Obama’s first term at more than $518 billion.
American Action Forum credited the administration for erasing $2.5 billion in regulatory costs last year, but said that paled in comparison to $34 billion in regulatory compliance costs reported by top companies since 2009.