Former White House Economist: Biden’s Regs Cost $10K per US Household

A recent report reveals that President Joe Biden’s administration has imposed significant regulatory costs on American households since assuming office in 2021. The study, conducted by Casey Mulligan, an economics professor at the University of Chicago and former member of the Trump administration, compared Biden’s regulatory expenses to those of previous presidents, including Trump and Obama. According to the findings, the Biden administration has incurred the highest regulatory costs in recent years. In fact, if Biden were to be reelected in 2024, the projected cost per household would reach nearly $60,000 over an eight-year period.

Mulligan’s calculations indicate that Biden’s rulemaking has resulted in an annual increase of $617 billion in regulatory costs alone, without considering additional costs associated with statutes and nonrule regulatory actions. When divided among the approximately 123 million households in the United States, this amounts to approximately $9,600 per household. Should the rate of rulemaking costs continue at the same pace as during the Obama administration, the cumulative cost over eight years would reach an alarming $7 trillion, averaging nearly $60,000 per household.

Although Biden has implemented fewer regulations annually compared to Trump and Obama, certain costly regulations related to student loans and vaccine mandates have been introduced. Furthermore, little effort has been made to reduce existing government restrictions. In contrast, the Trump administration aggressively pursued deregulation, leading to a reduction of $11,000 in regulatory costs per household over a four-year period. However, this figure does not account for the impact of Operation Warp Speed.

Mulligan emphasizes the stark contrast between the regulatory costs of a Trump presidency and those projected for a Biden presidency. He suggests that if Trump had served for eight years, the cumulative savings per household would have exceeded $21,000, resulting in a gap of $61,000 to $80,000 compared to Biden’s trajectory.

The research findings coincide with Biden’s recent announcement of his economic policies as he gears up for the 2024 reelection campaign. During a speech in Chicago, Biden defended his economic vision, referred to as “Bidenomics,” claiming that his policies foster positive economic growth and effectively combat unemployment, despite opposition from Republicans.

According to the NY Times, “Mulligan is affiliated with a number of professional organizations, including the National Bureau of Economic Research, the George J. Stigler Center for the Study of the Economy and the State, and the Population Research Center. He is also the recipient of numerous awards and fellowships, including those from the National Science Foundation, the Alfred P. Sloan Foundation, the Smith- Richardson Foundation, and the John M. Olin Foundation.

“Professor Mulligan received his Ph.D. in economics from the University of Chicago in 1993. He has also served as a visiting professor teaching public economics at Harvard University, Clemson University, and Irving B. Harris Graduate School of Public Policy Studies at the University of Chicago.”

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