Biden-Harris administration regulations are on pace to cost the average American family $47,000, according to a University of Chicago economics professor.
The amount in net present value corresponds to an annual cost of $6,300 for 10 years or an annual cost of $3,300 forever to each family, Casey Mulligan, Ph.D., said in a report for the Committee to Unleash Prosperity.
That's almost twice the costs imposed during President Barack Obama's first term.
By comparison, even without counting Operation Warp Speed, President Donald Trump's first term saved each household $11,000.
Trump, the Republican presidential nominee, is seeking to return to the White House. He will oppose Vice President Kamala Harris in November's presidential election.
Mulligan's report says the costs of new federal rules are more regressive than any of the major monetary taxes used by federal, state, and local governments.
"By reducing wages and increasing consumer prices, the rules finalized during the first term of the Biden-Harris administration are expected to reduce the purchasing power of the lowest-quintile households by 5%," Mulligan said.
The report said the single greatest new regulatory cost comes from a rule issued in March. The rule is designed to ensure that the majority of new passenger cars and light trucks sold in the United States are all-electric or hybrids by 2032, The New York Times reported.
"The various Biden-Harris and Obama-Biden emissions rules are expected to increase the price of a new car, SUV or pickup by more than $6,000," Mulligan said.
"While the automobile fuel economy and emissions standards are costly, they still account for only a third of the total regulatory costs, and even less for the Biden-Harris administration. Collectively, health, labor, telecommunications, and consumer finance regulations impose costs that exceed those of automobile regulations."
Compared to the Trump and Obama administrations, the Biden-Harris administration has been active in making Health and Human Services and Department of Labor rules, such as vaccine mandates, rules expanding government health-insurance participation, and rules requiring more staff at nursing homes, Mulligan said.
The administration also has finalized costly rules that further restrict emissions of power plants and heavy-duty vehicles, and actions on forgiving student loans at taxpayer expense.
In April, the American Action Forum released a report that President Joe Biden's agency rulemakings had cost the federal taxpayer $1.37 trillion and counting.
"Biden's burdensome regulations along with his tax hikes and unbridled spending are fueling the cost of living crisis under which working Americans are suffering," according to Rep. Jodey Arrington, chairman of the House Budget Committee.
Charlie McCarthy ✉
Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.
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