Despite Obama's promise to cut unnecessary regulations, his administration issued $236.7 billion in new rules in 2012.(from breitbart.com)
According to a report by the American Action Forum, headed by former Congressional Budget Office Director Douglas Holtz-Eakin, the direct costs of the regulations force American businesses to waste 87 million man-hours to fill out regulatory paperwork.
Adding Obama's 2012 regulatory costs to that of the rest of his first term adds up to a total of $518 billion in new costs forced onto an already anemic economic recovery. This onslaught of new regulations comes even after Obama was celebrated for claiming he was going to be the regulation-cutting president.
American Action Forum says that the costs of regulations have "added tremendous costs to the economy" and finds that the year 2012 tops every year in the past twelve in "terms of final rule cost."
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