A new study by the Heritage Foundation found that President Obama will leave behind a legacy far beyond the giant, post-Apocalyptic tire fire that is now the Middle East.
Since taking office, Obama has presided over the creation of a staggering 20,642 new federal regulations. That includes 2,353 new regulations just last year. The average cost to business and consumers since 2009 is over $22 billion a year. Add them all up, and Obama will leave behind over $100 billion a year in new federal regulation costs. But it could go even higher: during his final months, his Administration is cranking out new regulations faster than McDonald’s turns out hamburgers. His departing gift to us is over 2,000 proposed or final regulations barreling down the pipeline (the regulation pipeline being the only pipeline Obama hasn't regulated out of existence), with just 144 of those rules expected to cost a total of $100 million or more.
But it’s not just the direct costs of government meddling that form the Obama legacy. There are also the many bad consequences of all those costs, mandates and paperwork, like credit being harder to obtain as local banks shut down, reduced investment and innovation in the Internet, the obliteration of the US coal industry and its jobs, and of course, greatly reduced choices of health care plans and doctors under Obamacare.
So if you wanted to sum up the Obama economic legacy without having to wade through lots of depressing numbers, you could just look at overall GDP growth. In the first quarter of 2016, after seven years of “progressive” policies straitjacketing business, US GDP growth was galloping along at 0.5%. Perhaps we could build a monument to Obama’s economic legacy in Washington and carve that number on it. Except it will probably take us at least 20 years to comply with all the regulations to get a building permit.
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