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The Biden administration’s cumbersome regulations have cost Americans about $10,000 per household, according to a new report, which noted that this figure could skyrocket if President Joe Biden is reelected in 2024 and serves another four years.
Casey Mulligan, an economics professor at the University of Chicago, compares the regulations of President Biden and former Presidents Donald Trump and Barack Obama in a new study published by the Committee to Unleash Prosperity.
According to the study, the Biden administration imposed new regulatory costs on U.S. households and businesses late last year at a rate faster than that of the Obama administration over a comparable period. Specifically, Mulligan writes that the Biden administration has so far added regulatory costs at a rate of $617 billion per year to regulation, not counting regulatory costs caused by statutes and other regulatory failures.
Mulligan calculates that the additional cost of these Biden-era rules finalized in 2021 and 2022 — including both their current and projected future costs — is about $9,600 per household. These costs are spread over time rather than concentrated in the first year the rules go into effect — and could add up significantly if Biden is reelected.
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President Joe Biden speaks at an event at Nash Community College in Rocky Mount, North Carolina, on June 9, 2023. (BRENDAN SMIALOWSKI/AFP via Getty Images)
If regulatory and regulatory costs continue to grow at the same rate as they did during the Obama administration, the report states, “The result after eight years (under Biden) would be a cumulative $7 trillion, which is nearly $60,000 per household. “
Yet Biden has fewer lines per year than Obama and Trump in almost every category, according to the report. However, the current government has introduced some very costly regulations, such as student loan actions and vaccine mandates.
Overall, car fuel economy and emission standards account for a third of total regulatory costs, with health, labor, telecommunications and consumer finance regulations also accounting for a significant portion.
Unlike Biden, Trump oversaw large-scale deregulation, as the report notes.
“The Trump administration’s agencies have reduced regulatory costs by nearly $11,000 per household in cash value over four years,” said Mulligan, noting that Operation Warp Speed to produce a COVID vaccine is not included. “On a year-over-year basis, President Trump was cutting regulatory costs (more than $300 billion a year in regulation) almost as quickly as Presidents Obama and Biden were creating ($600 billion a year in regulation).”
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Former President Donald Trump speaks at a rally at the Waco Regional Airport in March 2023. (Brandon Bell/Getty Images)
Unlike Obama, who according to Mulligan had “virtually no deregulation in his first two years,” Biden has already made meaningful deregulations. On the internet, however, Trump’s deregulation went further.
“President Trump has shown that regulatory costs can be subtracted rather than continually added,” the report said. “Four years of President Trump reduced regulatory costs by about $11,000 per household. Eight years would have saved more than $21,000 in total, which is a gap of $61,000 to $80,000 from the Biden trajectory.”
Mulligan describes his report as the first “to fully quantify the costs missing from agency cost estimates,” explaining that several studies have shown that government agencies use poor cost estimates and describe how these agencies often impose large opportunities and resources without acknowledging them .
“But even ignoring the large number of regulatory costs missing from the agency’s estimates, they also show a significant gap,” Mulligan writes. “Eight years of President Trump would only add $561 to the cost of the average household (agency estimate), while eight years of Biden remaining 15% ahead of the Obama administration would cost households an average of nearly $11,000 each. The stagnation of economic growth, declining employee productivity and wages falling short of inflation may well be associated with the resurgence of regulatory pressure.”
The new report comes as Biden tries to tout his economic policies ahead of the 2024 presidential campaign.
ECONOMICS MOCK ‘BIDENOMICS’ WHITE HOUSE PUSH: ‘THEY SPEND LIKE DRUNK MATRONS’
Former President Barack Obama speaks about the Affordable Care Act and reducing healthcare costs for families at an event in the East Room of the White House on April 5, 2022. (Al Drago/Bloomberg via Getty Images)
On Wednesday, Biden delivered a speech in Chicago condemning the “trickle-down economy” and promoting so-called “Bidenomics,” arguing that he is steering the economy in the right direction with positive growth and low unemployment.
“The economy that grows the economy from the center and bottom-up, rather than just top-down — when that happens, everyone is doing well,” Biden said in a nearly 40-minute speech. “This view is a fundamental break from economic theory that has failed the middle class for decades now. It’s called trickle-down economics.”
Economists challenged the idea that “Bidenomics” benefits all Americans, telling Fox News Digital that massive spending and historically high inflation have characterized the president’s economic policies since he took office.
Meanwhile, a White House memo this week praised Biden’s economic agenda and performance, including job growth, low unemployment and a major infrastructure plan.
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President Joe Biden, left, former President Donald Trump, center, and former President Barack Obama (AP | AP | Getty Images)
“Bidenomics is rooted in the simple idea that we should grow the economy from the center out and bottom up — not top down,” the memo said.
Biden tweeted on Tuesday that he has created more jobs in two years than previous administrations have done in their entire first term — a point critics dismissed as fallacious due to job losses amid the coronavirus pandemic.
Despite Biden’s confident tone, according to recent polls, Americans have little faith in his ability to steer the US economy. At the end of May, some 83% of voters said the economy is in only fair or bad shape. That statistic is 14 points worse than shortly after Biden took office in April 2021, when only 69% thought the same. Crucially, only 20% of Americans say they believe Biden’s policies will help them.
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The White House has not responded to a request for comment on this story.
Aaron Kliegman is a political reporter for Fox News Digital.
