The Biden administration’s regulations are reportedly costing Americans thousands of dollars in household spending.
According to a recent report published by the Committee to Unleash Prosperity, American households are spending nearly $10,000 thanks to President Joe Biden’s new policies on the environment, energy, healthcare, telecommunications, and transportation.
“This is an across-the-board human capital crisis like we haven’t seen for decades,” Casey Mulligan, the University of Chicago professor who wrote the report, said in an interview with Fox News on Friday.
“Health care business, telecommunication business, these are things adding to our Internet bills, adding to our banking fees and prescription drug costs, etc.,” Mulligan continued.
Should Biden’s regulatory trajectory keep pace with that of former President Barack Obama, the cost will skyrocket to roughly $60,000 per household by the end of the current president’s possible second term in office.
In contrast, the average U.S. household would have saved around $21,000 under a second consecutive Trump administration.
“Workers are not able to be as productive as they used to be. We see it at the school level, the kids aren’t learning. Wages aren’t keeping up with inflation. That’s the other side of the productivity coin,” Mulligan explained. “And then a lot of people are dying, and not from COVID, from more than normal deaths, from traffic accidents, diabetes, heart attack. I could go on and on.”
“President Trump did something, first thing that had ever happened in American history: he had a budget for the regulators,” he added. “We saw amazing results from that. They were cutting out old regulations, cutting out unneeded regulations, and they were putting in some new ones that they felt were needed.”
Biden’s executive action to offer widespread student loan forgiveness, which the Congressional Budget Office projected would cost $316 billion, was the most prominent cost noted by the report.
The U.S. Supreme Court has since rejected the giveaway on June 30, but the president has already sought to revive the idea. Following the resumption of collection efforts on October 1, the White House said on Friday that it will waive any missed payments for “financially vulnerable” debtors for the first 12 months.
