One of the great myths of the last decade is that the Bush Administration deregulated the economy. President Barack Obama has made this claim on multiple occasions as he and his supporters made their case that more regulation was needed after the Great Recession. But the truth of the matter was that George W. Bush was, as Veronique de Rugy wrote at Reason back in January 2009, the “biggest regulator since Nixon.”
“The Bush team has spent more taxpayer money on issuing and enforcing regulations than any previous administration in U.S. history,” wrote de Rugy. “Between fiscal year 2001 and fiscal year 2009, outlays on regulatory activities, adjusted for inflation, increased from $26.4 billion to an estimated $42.7 billion, or 62 percent.”
But since taking office in 2009, President Obama has ramped up regulation. In fact, he’s claimed the not-so-honorbale mantle of “biggest regulator since Nixon” from his predecessor.
According a new report by James Gattuso and Diane Katz from the Heritage Foundation, President Obama has imposed almost $70 billion in regulatory burdens on Americans, ranging from new financial rules via Dodd-Frank, ObamaCare, and the Environmental Protection Agency.
“Unlike federal taxation and spending, there is no official accounting of total regulatory costs,” noted Gattuso and Katz. “Estimates range from hundreds of billions of dollars to nearly $2 trillion each year. However, the number and cost of new regulations can be tracked, and both are growing substantially.”