Posted on 02/07/2005 10:23:36 AM PST by FlyLow
What would you do with an extra $8,000 this year? Pay off your credit card debt? Fully fund your 2004 and 2005 I.R.A.? Make a down payment on a new car?
On the other hand, if the government announced plans to increase your taxes by the same amount, you'd certainly raise a ruckus. That's probably why the government keeps quiet about exactly how much its regulations cost.
Economists Mark Crain and Thomas Hopkins did a study for the Small Business Administration and found that in the year 2000, federal regulations cost us $843 billion. That's $8,000 per household-almost half the amount collected in federal taxes that year. In other words, Washington didn't overtly increase your tax burden last year. However, its policies cost each American household more than $8,000 in hidden regulatory expenses.
That's unfortunate, because while some federal regulations are justified, even critical, many aren't necessary. And Congress needs to identify which are which.
To do that, lawmakers should set up an Office of Regulatory Analysis, modeled on the Congressional Budget Office. This ORA would study all existing regulations, explain to lawmakers what purpose those regulations serve, and determine how much those regulations cost citizens and businesses. Any outdated or overly expensive regulations then could be eliminated.
The Bush administration can help out, too. The president should let all federal agencies know that reining in regulations is a priority. He also ought to continue strengthening the Office of Information and Regulatory Affairs (OIRA) at the Office of Management and Budget. Again, before a new regulation is put into place, the government should have to explain what it will accomplish and how much it will cost.
(Excerpt) Read more at cnsnews.com ...
Well it sounds great at first, but I think creating an agency to trim down bureaucracy is sort of a catch 22. Why create MORE government? Can't this be done with existing personnel?
It is simple. There is no way the govt is spending more by taxing less. Most people are paying less in income tax. However, other taxes and fees have gone up, not to mention the interest rate. Bush gives in one hand, but takes on the other.
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