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Biden’s administration has added over a trillion dollars in compliance costs for new regulations in 2024 alone.
President Joe Biden’s administration has added over a trillion dollars in compliance costs for new regulations so far this year, according to the American Action Forum (AAF). [emphasis, links added]
Since January 1, 2024, the Biden administration racked up $1.29 trillion in total compliance costs for regulations across the federal government, with $1.25 trillion of the cost attributed to 61 regulatory final rules, the AAF reported Monday.
Biden has added more financial and administrative burden from regulatory activities than either former presidents Donald Trump or Barack Obama, totaling $1.69 trillion from inauguration day on January 20, 2021, to August 2, 2024.
Moreover, 42 proposed rules that haven’t taken effect that would add $46.8 billion in compliance costs, according to the AAF. The Biden administration added 982 final rules from federal regulators so far in his term.
Additionally, the Biden administration has totaled 308.9 million added hours of paperwork burden in his term, according to the AAF.
Just this year, the administration added an estimated 68.9 million hours in paperwork, with 23.5 million coming from final rules.
“As we have already seen from executive orders and memos, the Biden administration will surely provide plenty of contrasts with the Trump administration on the regulatory front,” the AAF said.
“And while there is a general expectation that the current administration will seek to broadly restore Obama-esque regulatory actions, there will also be areas where it charts its course.”
Costly regulations include the Environmental Protection Agency’s (EPA) final rule in March on emissions, which would cost an estimated $870 billion.
The regulations would place requirements for increased use of electric and hybrid vehicles, which are on average more costly than their gasoline counterparts.
The Trump administration added 1,070 new final rules over his four years but ended up with a positive net burden of $100.1 billion and added 199.9 million paperwork hours, according to the AAF.
Obama added 1,330 new final rules during his term with 251.2 million paperwork hours, costing $308.5 billion in net costs.
Biden’s regulations also place burdens on taxpayers, as the Jobs Creators Network (JCN) estimated the first two years of Biden’s administration added $10,000 in additional costs to American households, according to their report in May.
Over two terms of Biden, the cost would increase to $60,000 per household.
Biden has not slowed federal spending during his term, with $4.3 trillion added to the national debt from inauguration to June 1, 2024, according to the Committee for a Responsible Federal Budget in June.
The 2021 American Rescue Plan Act accounts for nearly half of the spending, with $2.4 trillion expended on the law.
Read rest at Daily Caller
The post In 2024, Biden Admin Churned Out $1.2 Trillion In New Regulations appeared first on Energy News Beat.
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