Maybe I’m biased because I mostly work on fiscal policy, but it certainly seems feasible to come up with rough estimates for the damage caused by onerous taxes and excessive spending.
On a personal level, for instance, we have a decent idea of how much the government takes from us and we know the aggravation of annual tax returns. And we tend to have some exposure to government bureaucracies, so we’re familiar with the concept of wasteful spending.
But how do you quantify the cost of regulation and red tape? Well, here are some very large numbers to digest.
Americans spend 8.8 billion hours every year filling out government forms.
The economy-wide cost of regulation is now $1.75 trillion.
For every bureaucrat at a regulatory agency, 100 jobs are destroyed in the economy’s productive sector.
The Obama Administration added $236 billion of red tape in 2012 alone.
In other words, the regulatory burden is enormous, but I worry that these numbers lack context and that most of us don’t really grasp how we’re hurt by government intervention.
So let’s look at some additional data.
If nothing else, this video from the Mercatus Center will help you appreciate just how vast the regulatory state has become.
The video mentions a report with additional data. Well, here’s some of what’s inthat report.