Chairman Arrington Responds to American Action Forum (AAF) Report: Biden’s Regulations Costing Nearly $1.4 Trillion
WASHINGTON, D.C. – Yesterday, the American Action Forum (AAF) released a report that shows since taking office, President Biden’s agency rulemakings have cost the federal taxpayer $1.37 trillion and counting.
House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the cost of President Biden’s regulations:
“President Biden is on track to impose more regulatory cost on our economy than any President in history, adding $1.4 trillion since coming to office. This is a staggering 45 times the regulatory costs accumulated under President Trump and almost five times the regulatory costs added under President Obama.
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.
Cutting Washington’s wasteful spending and reducing taxes and regulations will spur economic growth and reduce our unsustainable deficits.”
Cost of the Biden Administration's Regulatory Actions:
Background:
The American Action Forum has dubbed this week the most expensive on record.
The most costly of President Biden’s regulations was the Environmental Protection Agency's (EPA) tailpipe vehicle emissions rule, which came in at $870 billion just by itself.
President Biden increased his regulatory burden by $875.3 billion in just one week. That nearly matches the $890 billion total of President Obama’s regulations during his entire presidency. The average cost of one of Biden’s regulations is over $1.5 billion. In comparison, the regulations under Obama averaged $250 million. Last week’s regulations alone added more than 4.7 million annual paperwork burden hours.
The following table provides the cumulative totals of final rules from each administration until this point:
More from the House Budget Committee:
The House Budget Committee has been sounding the alarm on President Biden’s myriad of harmful policies and unilateral spending.
From his EPA tailpipe vehicle emissions rule to his corporate welfare for preferred industries to his FY25 budget request filled with budget-busting spending, President Biden proves once again that he is out of touch with our nation’s fiscal reality.
Our country is in a debt crisis. President Biden continues to make it worse with his unbridled spending and radical policies.
The gross national debt is currently $34.59 trillion. This equates to:
- $103,771 per person
- $263,140 per household
- $478,192 per child
When President Biden took office total gross debt was $27.75 trillion, meaning he has increased the national debt by $6.83 trillion. This equates to:
- $20,504 more debt per person.
- $51,993 more debt per household.
- $94,484 more debt per child.
The rate of debt accumulation during the Biden Administration has equaled:
- $5.75 billion in new debt per day.
- $239 million in new debt per hour.
- $3.99 million in new debt per minute.
- $66,521 in new debt per second.
The debt one year ago was $31.46 trillion, meaning that the debt has increased by $3.13 trillion over the past 12 months. This rate of increase equates to:
- 8.57 billion in new debt per day.
- $357 million in new debt per hour.
- $5.95 million in new debt per minute.
- $99,217 in new debt per second.
