As of 2013:
- 235 volumes of federal regulation have been created.
- 18x the amount of regulation that existed in 1950.
- Mandates such as “Shall, Must, Prohibited” appear over 1,000,000 times throughout existing federal regulations.
Economist Dan Mitchell points out that,
- 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.
Mitchell goes on to cite the report mentioned in the video:
A recent study published in the Journal of Economic Growth found that between 1949 and 2005 the accumulation of federal regulations slowed US economic growth by an average of 2 percent per year. Had the amount of regulation remained at its 1949 level, 2011 gross domestic product (GDP) would have been about $39 trillion—or three and a half times—higher, which translates into a loss of about $129,300 for every person in the United States.
A 2005 World Bank study found that a 10-percentage-point increase in a country’s regulatory burdens slows the annual growth rate of GDP per capita by half a percentage point. Based on this finding, an increase in regulatory burdens can translate to thousands of dollars in lost GDP per capita growth in less than a decade.
Other economists have estimated that a heavily regulated economy grows two to three percent slower than a moderately regulated one.
According to a World Bank study, moving from the 25 percent most burdensome to the 25 percent least burdensome regulatory environment (as measured by the World Bank’s Doing Business index) can increase a country’s average annual GDP per capita growth by 2.3 percentage points.
Once we reach 300 volumes of regulation, Fed economists predict we will achieve a utopia where unicorns shit rainbows on every lawn and no person will ever be harmed again.