The annual cost of regulations to YOU revisited:
Bottom Line: Early this year when President Trump honed in on onerous regulations lumped onto companies and industries during the Obama years...I conducted research to find out what the impact of regulations meant to us. It was eye opening to say the least.
Business people know how much regulations cost business. That's generally where the conversation stops with regard to its impact. That's why an opaque vision of what its actual impact on you is all that's every offered up. As a result, the average American, which struggles with financial literacy already (not meant to offend - simply a fact), can't really be expected to understand that over-regulation has an impact on them when they buy stuff. That's why the latest research on the cost of regulation is especially instructive. It isn't about the cost of regulation on business. It's about the annual cost of that regulation to you. And it's almost certain to surprise.
According to the latest research from the Federal Register, the cost of regulation on the average American household was...$1000? $5000?!, $10,000?!!
It was actually $15,000 Per Year (prior to Trump's impact)
That's more than the average household spends on food during the typical year and is about equitable with the cost of housing. So, let's have a clear understanding of just how over-regulated our economy is...The single biggest expense for the average household is regulation. Something tells me that's not how most people would answer but it's clearly important they know. Ignorance isn't bliss - it's expensive.
The Trump administration has eliminated thousands of regulations already. It's the least visible but most effective policy of his administration. When you realize that regulations had the impact of sapping $15,000 per year out of our pockets - it's understandable as to why we've had an economic boom on back of regs being reigned in. Simply cutting the impact has the potential to drop thousands of dollars back in the hands of Americans per year (most commonly through increased profits to companies, hiring of additional people and increasing wages due to profit improvement and a stronger labor market)!