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Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
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One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, April 28, 2016

Regulations Accelerate, Economy Slows

The ‘Economy Edged Further Into The Slow Lane’ As Obama Bureaucrats ‘In The Bowels Of Federal Agencies’ Busily Bury Job Creators Under A ‘Flurry Of Regulations’

“The U.S. economy sputtered in the first quarter, expanding at the slowest pace in two years as business slashed investment by the steepest amount since the Great Recession. Gross domestic product, the sum of a nation’s economy, slowed to a 0.5% annual growth rate in the first three months of 2016, the government said Thursday.” (“GDP Report Shows Economy Grew In First Quarter At Slowest Pace In Two Years,” Marketwatch, 4/28/16)
‘Obama Administration … Racing To Make Final A Flurry Of Regulations’

PRESIDENT OBAMA: “I plan on doing everything I can with every minute of every day that I have left as President…” (President Obama, Press Conference, 12/18/15)
“The Obama administration is racing to make final a flurry of regulations affecting broad swaths of the economy, further riling U.S. businesses…” (“Obama Readies Flurry of Regulations,” The Wall Street Journal, 4/7/16)
THE REGULATORY TAX: $1.94 Trillion In Annual Costs

“The estimated cost of regulation exceeds half the level of the federal spending itself, which was $3.5 trillion in 2014. Regulatory costs of $1.88 trillion amount to 11 percent of the U.S. GDP, which was estimated at $17.4 trillion in 2014 by the Commerce Department’s Bureau of Economic Analysis.” (“Ten Thousand Commandments,” Competitive Enterprise Institute, P.2, 2015)
“The costs of the regulatory ‘hidden tax’ surpass federal income tax receipts. Regulatory compliance costs exceed 2014 total individual income tax revenues of $1.386 trillion.” (“Ten Thousand Commandments,” Competitive Enterprise Institute, P.3, 2015)
  • “If one assumed that all costs of federal regulation and intervention flowed all the way down to households, U.S. households would ‘pay’ $14,976 annually on average in regulatory hidden tax. That payment amounts to 23 percent of the average income of $63,784 and 29 percent of the expenditure budget of $51,100. The ‘tax’ exceeds every item in the budget except housing. More is ‘spent’ on embedded regulation than on health care, food, transportation, entertainment, apparel and services, and savings.” (“Ten Thousand Commandments,” Competitive Enterprise Institute, P.2, 2015)
‘16 rules were issued for every law enacted’ in 2014. “In 2014, 224 laws were enacted by Congress during the calendar year, whereas 3,554 rules were issued by agencies. Thus, 16 rules were issued for every law enacted last year. …This disparity highlights the delegation of lawmaking power to unelected agency officials.” (“Ten Thousand Commandments,” Competitive Enterprise Institute, P.2, 2015)

23,000 FORMS: ‘An Almost Incomprehensible Amount Of Paperwork’

“…an almost incomprehensible amount of paperwork. The federal government[’s] …68 federal agencies impose more than 23,000 forms.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)

“These forms help to generate more than 11.4 billion hours of paperwork annually. That’s the equivalent of 35 hours for every person in the nation.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)

“…a large percentage somehow cannot be submitted electronically. For example, according to OIRA, 447 of HHS’s forms cannot be submitted electronically. ... Likewise, there are more than 1,000 Treasury forms that cannot be submitted online, as well as more than 1,400 Agriculture forms. In the year 2016, it’s discouraging that such a large percentage (28 percent) of supposedly vital private information must be mailed back to the federal government.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)

HHS “…the runaway leader in federal paperwork. ... Anyone who has ever spent an hour filling out forms before a doctor’s appointment can attest to the weight of HHS paperwork.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)
  • “HHS’s lead in forms has nothing to do with Medicare, Medicaid, or the Affordable Care Act. … [For example, one] HHS [paperwork] leader, ‘Evaluation of Dating Matters,’ collects 60 forms on everything from discussing ‘the possibility of misinterpreting feelings through text messages and/or emails’ among sixth graders.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)
“The Department of Agriculture, somehow, imposes more than 3,700 forms… A review of the data reveals a collection for ‘Vegetable and Specialty Crops’ contains 334 associated forms, far more than even the Individual Income Tax (200). It appears this collection, at just 24,000 aggregate hours, contains a federal form for every item of produce imaginable: nominations to the ‘Vidalia Onion Committee,’ nominations to the ‘Hazelnut Marketing Board,’ a report of inventory for ‘High Moisture Content Prunes,’ and an application to ship Florida tomatoes for relief or charity.” (“How Many Federal Forms are There?” American Action Forum, 4/21/16)

GALLUP: ‘Half … Say Gov't Regulates Business Too Much’

GALLUP: ‘Half Still Say Gov't Regulates Business Too Much’ “…a sturdy 49% of Americans say the government regulates business too much…” (“In U.S., Half Still Say Gov't Regulates Business Too Much,” Gallup, 9/18/15)

Americans’ Overall Perceptions on government Regulation of Business
In general, do you think there is too much, too little or about the right amount
of government regulation of business and industry?

(“In U.S., Half Still Say Gov't Regulates Business Too Much,” Gallup, 9/18/15)

Tags: Obama Administration, Federal, Regulations Accelerate, Economy Slows To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 11:00 AM - Post Link

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