President Joe Biden has cost each U.S. household about $10,000 via his administration's regulations since taking office in 2021, according to a report released this month.
The study, published by the Committee to Unleash Prosperity, found the Biden administration incurred the most regulatory costs in recent years compared to the Trump and Obama presidencies, Fox News reported. If Biden were reelected in 2024, the estimated cost per household would skyrocket to almost $60,000 over an eight-year period.
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The regulation report was researched and written by Casey Mulligan, a professor of economics at the University of Chicago who served in the administration of former President Donald Trump.
Mulligan calculated that Biden “has so far been adding regulatory costs at a rate of $617 billion per year of rulemaking,” which does not include “regulatory costs created by statutes and other nonrule regulatory actions.” When divided among the 123 million households in the United States, the $617 billion number boils down to approximately $9,600 per home.
“If [the Biden administration’s] rulemaking costs accelerate at the same pace that the Obama administration’s did, the result after eight years would be a cumulative $7 trillion, which is almost $60,000 per household,” the author wrote.
The report noted Biden has fewer regulations per year than former Presidents Donald Trump and Barack Obama. However, the incumbent president implemented some expensive regulations, particularly relating to student loans and vaccine mandates. He has also done very little to deregulate government restrictions.
On the other hand, Trump’s deregulation efforts were aggressive, reducing regulatory costs by $11,000 per U.S. household over his four years in the White House. The author did not count Operation Warp Speed in the figure.
“President Trump showed that regulatory costs can be subtracted rather than perpetually added,” Mulligan wrote. “Eight years would have saved a total of more than $21,000, which is a gap of $61,000 to $80,000 from the Biden trajectory.”
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Mulligan further contrasted Biden’s regulatory costs with the former president’s, saying eight years of a Trump administration “would add only $561 to the average household’s cost … whereas eight years of Biden staying 15% ahead of the Obama administration would cost households almost $11,000 each on average.”
The research study comes as Biden announced his economic policies earlier this week ahead of his 2024 reelection campaign. He touted his “Bidenomics” vision in Chicago on Wednesday, claiming his economic policies are promoting positive growth and curbing low unemployment despite Republican objections to the contrary.