Federal regulatory burdens continue costing American households

(The Center Square) – Federal regulatory burdens are costing U.S. households big bucks annually, according to data released in a report from The Competitive Enterprise Institute.

The Competitive Enterprise Institute on Tuesday released its "Ten Thousand Commandments," annual report on the federal regulatory state.

The report found that federal regulatory burdens cost the average household over $15,000 dollars annually, according to a press release .

These costs totaled more than almost all other living expenses in American households, including food and education costs.

CEI expert Clyde Wayne Crews said that the regulatory system has become increasingly “extensive” and “politicized” during President Joe Biden’s stint in office. The report later said that the regulatory system has become “less transparent and accountable” under the Biden administration.

The report detailed the impact that the Biden administration has had on these regulations, including critiquing the an executive order from President Biden in 2023 that resulted in "understating" the cost of regulation.

“Regulatory compliance costs and mandates borne by businesses result in higher prices, lost jobs, and lower output,” Crews said in the release. “Regulations undermine the economic success of American businesses and households and drag down the economy. Congress should intervene and fix this problem.”

American households have been paying a large sum of hidden regulatory tax each year, according to the report.

The report also details how there have been 97 “economically significant” rules put into place over the past several months.

The report's findings showed that the amount of rules that federal regulatory agencies issued were much higher than the amount of Congressional bills that were passed in 2023.

According to the report, there have also been a significant number of rules under the Biden administration which have impacted small businesses.

“Biden’s three years have averaged 870 rules annually in the Federal Register affecting small business,” the report said. “Compared with 694 and 701 for Obama and Trump, respectively.”

The findings from the Competitive Enterprise Institute's annual report comes at a time when many American households are facing rising costs of living.

The Biden administration has previously been faced with criticism over American households facing various economic woes including national debt and rising inflation.

Some poll results have shown that the economy and inflation are two of the biggest concerns among voters for this election cycle, as The Center Square previously reported .