Federal regulatory officials imposed 3,807 new rules in 2011, an average of 15 each business day, filling 81,247 pages in last year’s Federal Register. Business is booming in Washington when it comes to jobs in the government’s regulatory “industry.” Functionaries are busily enforcing the 169,301-page U.S. Code of Federal Regulations.
Non-Pentagon executive-branch civilian employment dipped 11.5 percent under President Bill Clinton, but spiked 14.4 percent under President George W. Bush and another 5.5 percent under President Obama from 2008 to 2010, rising from 1.28 million employees to 1.36 million. Engaged in regulation, 291,676 of them are, up 17 percent under Obama. Murdock cites research by Clyde Wayne Crews of the Competitive Enterprise Institute, who states that complying with federal regulations cost the U.S. economy $1.75 trillion in 2008, surpassing all U.S. corporate pre-tax profits of $1.3 trillion in 2009 — and that 2008 figure is likely higher today.
“Every dollar spent to mollify federal authorities is a dollar that cannot be spent to hire new employees, launch new products, or open foreign markets.” Engage America have calculated that federal red tape has squelched at least 779,203 potential jobs. If these positions were filled, today’s unemployment rate would fall from 8.2 percent to 7.7.” Two examples of federal regulatory overreach.
The Energy Department has imposed rules titled “Conservation Standards for Wine Chillers and Miscellaneous Refrigeration Products.”
And a Utah high school has been fined $15,000 by the federal government for inadvertently leaving a soda vending machine running during its lunch period, violating a law that nevertheless permits the sale of sugar-loaded sports drinks and candy bars during lunch.
Americans’ Wealth Plummets 40% in Three Years. A report from the Federal Reserve, the average American family’s wealth has decreased 40% from 2007 to 2010. The actual drop if you do the math is 38.8%. Adjusting the $126,400 in 2007 for inflation in 2010, the actual number is $132,930.83. The drop in wealth adjusted for inflation is actually 41.8%. In three years.
Extrapolating this figure through 2012 and only adjusting for inflation (not housing prices which are still declining), the loss in wealth is 49.8%. In less than five years, the average American has lost 50% of their wealth. Isn’t that the goal? Redistribution of wealth does not mean everyone becomes richer: it means everyone becomes poorer until they are in debt. Once a person is indebted to another person, company or government, they can be controlled. The housing market crash inflicted particularly severe damage, with the Fed showing that the median value of Americans’ equity in their homes plunged 42.3 percent between 2007 and 2010.