In just a short time in office, President Joe Biden has surpassed all previous presidents in accumulating debt, setting a record in the nation’s history. The Treasury Department reports nearly $7 trillion in deficit spending under his administration as of May, with the Congressional Budget Office projecting this number could reach nearly $8 trillion by the end of this fiscal year. The unprecedented spending and regulatory actions by the current White House are not only costing taxpayers trillions but are also hindering economic growth.
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Unprecedented Costs of Regulatory Regime:
- The Biden administration’s regulatory policies have imposed immense burdens on taxpayers and ordinary consumers.
- Without passing any laws through Congress, the White House has incurred trillions in taxpayer tolls and thousands of dollars in annual household costs.
- The failure to adhere to sound fiscal policy has not only cost taxpayers but has also hindered economic growth.
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Reversing Biden’s Regulatory Policy:
- Fortunately, undoing Biden’s regulatory policies can be achieved by executive fiat and does not require complex legislative maneuvers.
- The Environmental Protection Agency’s new limits on PFAS chemicals are just one example of costly regulations that have adverse effects on national security.
- The aggregate regulatory costs of the 851 final rules issued by the Biden administration have been estimated at $1.63 trillion, significantly higher than previous administrations’ regulatory costs.
- Harmful Effects of Overregulation:
- The costs incurred by overzealous regulations are extensive and impact various sectors, including energy.
- Limiting drilling permits for oil, natural gas, and other resources has restricted job growth in the energy sector.
- Deregulation should be viewed as a tool for economic growth rather than merely deficit reduction, as excessive regulations stifle economic progress.
President Biden’s administration has seen a surge in deficit spending and regulatory actions that threaten economic growth. While efforts to combat inflation and save entitlements are crucial, addressing the regulatory regime’s impact is a vital first step. By removing burdensome regulations, future administrations can alleviate the financial strain on consumers and taxpayers without requiring legislative intervention. As the economic landscape evolves, prioritizing deregulation can pave the way for sustainable growth and prosperity.
