The latest edition of my CEI colleague Wayne Crews’ project to document the federal regulatory state is out.
Iain Murray summarizes:
- Estimated regulatory costs, while “off budget,” are equivalent to over 48 percent of the level of federal spending itself.
- The 2011 Federal Register finished at 81,247 pages, just shy of 2010’s all-time record-high 81,405 pages.
- Regulatory compliance costs dwarf corporate-income taxes of $198 billion, and exceed individual income taxes and even pre-tax corporate profits.
- Agencies issued 3,807 final rules in 2011, a 6.5 percent increase over 3,573 in 2010.
- Of the 4,128 regulations in the works at year-end 2011, 212 were “economically significant,” meaning they generally wield at least $100 million in economic impact.
- 822 of those 4,128 regulations in the works would affect small businesses.
- The total number of economically significant rules finalized in 2011 was 79, down slightly from 2010 but up 92.7 percent over five years, and 108 percent over ten years.
- Recent costly federal agency initiatives include the Environmental Protection Agency’s Mercury and Air Toxics Standards Rule and the Department of Transportation’s Fuel Economy Standards.
We have to rein in Leviathan.