Try this on for size, Americans.
But wait there's more!
After years of rapid growth during the Obama administration, the cost of federal regulations is now bigger than the entire economies of all but nine countries in the world.Government regulations -alone- cost you more than Canada makes in a year. What does that look like?
That's according to the latest annual report on the regulatory state issued by the free-market Competitive Enterprise Institute, titled "Ten Thousand Commandments."
Compiling reports of compliance costs from various government agencies and outside sources, author Clyde Wayne Crews found that the "regulation tax" imposed on the economy now tops $1.86 trillion.
By comparison, Canada's entire GDP is $1.82 trillion. India's is $1.84 trillion.
|This is a picture of a trillion bucks in $100's. We're talking double this.|
On a per-household basis, federal regulatory costs average $14,974, which is more than the typical household spends on just about anything else.
When regulatory costs are combined with federal spending, Washington's share of the economy rises to an eye-popping 31%.