$1.8 trillion shock: Obama regs cost 20-times estimate
Not a shock to most of us with half a brain. In fact.. I’m shocked it’s only $1.8T.
Current federal regulations plus those coming under Obamacare will cost American taxpayers and businesses $1.8 trillion annually, more than twenty times the $88 billion the administration estimates, according to a new roundup provided to Secrets from the libertarian Competitive Enterprise Institute.
And it could grow, warned the author of the report, Clyde Wayne Crews, a CEI vice president.
Complying with Health and Human Services Department requirements alone, he revealed, costs $184 billion a year, yet regulators are still drafting the rules for the 2,400-page Obamacare law that kicks into gear in 2014.
His estimate is close to the $1.7 trillion estimate from the Small Business Administration which the White House distanced itself from. For comparison, the total U.S. GDP is $15 trillion.