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| Economy |
| Tyrannous Regulation-Steyn |
| 2011-05-28 |
| And yet Americans put up with it. According to the Small Business Administration, the cost to the economy of government regulation is about $1.75 trillion per annum. You and your fellow citizens pay for that -- and it's about twice as much as you pay in income tax. Or, to put it another way, the regulatory state sucks up about a quarter-trillion dollars more than the entire GDP of India. As fast as India's growing its economy, we're growing our regulations faster. Oh, well, you shrug, it would be unreasonable to expect the bloated, somnolent hyperpower to match those wiry little fellows back at the call center in Bangalore. Okay. It's also about a quarter-trillion dollars more than the GDP of Canada. Every year we're dumping the equivalent of a G7 economy into ever more ludicrous and wasteful regulation. As my fellow columnists Charles Krauthammer and Victor Davis Hanson like to point out, decline is not inevitable; it is a choice. The voters of New York's 26th district chose it just the other day, presumably on the basis that it will be relatively pleasant, as it has been in certain parts of Continental Europe. But genteel Franco-Italian decline is not on the menu. As those numbers suggest, the scale of American decay is entirely different: a trillion-and-three-quarter dollars in regulatory costs, a trillion dollars in college debt, four-and-a-half billion dollars spent by Washington every single day that we don't have, 70 percent of which the United States government "borrows" from itself because nobody else wants to lend it to us -- and a governing party whose Senate leader boasts about not passing a budget and whose plan for Medicare is not to have a plan at all and whose crusading regulatory reformer's greatest triumph is getting Daisy the cow moved out of the same federal classification as the Exxon Valdez. |
| Posted by:Glomoger Whairong7049 |