Kerby Anderson

Often during these political campaigns, candidates talk about the cost of government regulations. It is hard to get a good estimate, but one report from the Heritage Foundation, provides an estimate of the costs. It seems that while politicians are reaching into your pocket to tax you, they are using the other hand to impose heavy costs through regulation. You may think that you are exempt from federal regulations, unless you run a corporation or own a business. Do you heat your home? Do you use electricity to light your home? Do you buy and cook food? Do you watch television? If the answer is yes, then you have fallen under federal regulations. The report says: “The costs of regulation are inevitably passed on to consumers in the form of higher prices and limited product choices. Basic items such as toilets, shower heads, light bulbs, mattresses, washing machines, dryers, cars, ovens, refrigerators, television sets, and bicycles all cost significantly more because of government decrees on energy use, product labeling, and performance standards that go well beyond safety—as well as hundreds of million of hours of testing and paperwork to document compliance.” The annual cost of regulations is more than $1.75 trillion. To put that amount in perspective, you should realize that this is twice the amount of individual income taxes collected last year. It is also worth noting the regulatory costs have been imposed by Republican and Democratic administrations. Both the Bush administration and the Obama administration have collectively imposed more than $100 billion in additional regulatory costs. Certainly we need some government regulations, but these recent estimates show that federal regulations are weighing down the American economy. Presidents and members of Congress might talk about reviewing and reducing the regulatory burden. But very few actually achieve that goal.