Biden’s regulations have cost Americans nearly $10,000 per household — and could rise to $60,000 if elected in 2024
- Analysis found Biden regulations have cost Americans $10,000 per household since 2021 — with a third of the cost coming from new fuel and emissions standards
- Household total could reach $60,000 by 2028 if Biden wins a second term
- President unveiled his new ‘Bidenomics’ plan on Wednesday to focus on middle-class wealth as 52% of Americans say they are worse off since he took office
Joe Biden’s slew of rules put in place over the course of his two and a half years as head of the country have cost every American household nearly $10,000.
If the president continues on his current regulatory trajectory and is re-elected for a second term in 2024, according to the report of the commission to unleash prosperityAmericans could be hit with a $60,000 cost increase by 2028.
Meanwhile, the report estimates that former President Trump cut Americans’ costs by nearly $3,000 a year during his four-year term.
The analysis comes as President Biden unveiled his “Bidenomics” plan during a speech in Chicago on Wednesday.
The new proposal attempts to project a vision of middle-class prosperity by taxing the wealthiest and using those funds to invest in national security interests such as semiconductors and education for middle-class Americans.
A new analysis found that President Joe Biden’s rules have cost Americans $10,000 per household since taking office — and could reach $60,000 by the end of 2028 if he wins re-election and continues at the same pace of regulation
The report shows Biden has cost Americans an additional $5,000 annually through new regulations and rules — an increase of $1,000 a year over former President Barack Obama
Last week, a DailyMail.com poll revealed that 52 percent of all voters think they are worse off since Biden took office.
When comparing the increase in regulatory costs for US households under the last three presidencies, Biden has increased the burden the most compared to his short tenure against predecessor Donald Trump and his former boss Barack Obama.
Casey Mulligan, Trump-era chief economist of the White House Board of Economic Advisers, led the report and concluded that “government regulation is perhaps the single greatest impediment to prosperity.”
The University of Chicago economist and professor found in his analysis that Biden is outpacing regulatory costs for US households and businesses faster than Obama.
“The additional cost of these final Biden-era rules, which include both their current and projected future costs, is nearly $10,000 per household,” Mulligan wrote. “If regulatory costs continue to rise at the same rate as they did during the Obama administration, the total cost of Biden’s regulation over an eight-year period would be nearly $60,000 per household.”
The report estimates that Obama has increased costs to US households by more than $4,000 a year and that Biden has fallen by about $5,000 a year for his first term — but Mulligan warns that it is likely to rise exponentially in a second term, should Biden win re-election.
The Biden regulations that ended up costing Americans the most money were a result of regulations for the auto industry – particularly regarding fuel economy and emissions standards.
Mulligan’s analysis showed that this accounted for one-third of the total increase in regulatory costs.
The Biden administration last year blamed the war between Ukraine and Russia for a huge increase in gas costs. But little has been done since then to ease that burden on Americans, as some parts of the country still pay nearly $5.00 a gallon.
A DailyMail.com poll last week found that 52% of voters now feel worse off than they did before Biden took office
The analysis found that fuel and emissions regulations accounted for a third of the rise in Americans’ household costs. Last year, Biden’s administration blamed the war in Ukraine on rising gas prices — but some parts of the country are still paying nearly $5.00 a gallon
In addition, health, labor, telecommunications and consumer finance regulations drove costs that were two-thirds of the increase Americans have seen over the past two years.
The regulations have only contributed to part of the vastly increased financial burden on Americans since Biden took office, with inflation also impacting consumer business results.
From Biden’s election in 2020 to date, inflation has increased by 16.45 percent overall.
Some items are affected more than others, such as food and grocery costs.
Americans saw the cost of beef rise much faster than average inflation, rising 20.4 percent from April 2021 to April 2022. And during the same period, the cost of chicken rose 13.4 percent, while eggs rose 11.2 percent. percent increased. .
Inflation is also impacting American earnings, with the price of groceries and fuel skyrocketing