Biden And Kamala Cost U.S. Families How Much?
Under the Biden-Harris administration, new regulations are projected to impose a staggering financial burden on American families. According to Casey Mulligan, a University of Chicago economics professor, these regulations could cost each household a net present value of $47,000. This translates to an average annual expense of $6,300 over a decade or $3,300 indefinitely.
This regulatory burden is nearly double what was seen during President Barack Obama’s first term. In contrast, during President Donald Trump’s first term, his policies saved households approximately $11,000, even without considering the benefits of Operation Warp Speed.
As Trump campaigns to reclaim the presidency, he will face Vice President Kamala Harris in the upcoming election. According to Mulligan’s analysis, the Biden-Harris administration’s regulations are more regressive than any other significant taxes imposed by federal, state, and local governments. These rules are expected to erode the purchasing power of the lowest-income households by 5% due to reduced wages and higher consumer prices.
One of the most significant regulatory costs stems from a March rule aiming to make most new passenger vehicles electric or hybrid by 2032. This rule alone is anticipated to increase the price of new cars, SUVs, and trucks by over $6,000. However, this is just one piece of a broader regulatory impact. The cumulative costs from regulations in areas such as health, labor, telecommunications, and consumer finance surpass even those associated with automotive regulations.
The Biden-Harris administration has also been active in imposing costly regulations through the Health and Human Services and Department of Labor. This includes vaccine mandates, expanded government health insurance, and staffing requirements for nursing homes. Additionally, there are stringent rules on emissions for power plants and heavy-duty vehicles, along with student loan forgiveness programs that shift costs to taxpayers.
An April report from the American Action Forum reveals that Biden’s agency rulemaking has already cost taxpayers $1.37 trillion. Rep. Jodey Arrington, chairman of the House Budget Committee, has criticized Biden’s regulatory agenda, along with his tax increases and expansive spending, for exacerbating the cost of living crisis affecting American workers.
