Leading up to the November election Barack Obama slowed down his torrid pace of forcing new regulations on American citizens. Because of this purely political maneuver, Obama now has a backlog of regulations on the energy sector, healthcare sector, banking sector, and virtually every other sector of the economy that he will be rolling out in 2013.
Little attention is generally paid to regulations, but the truth is these new regulations might be the most damaging part of the Obama agenda, and that’s saying something.
To put the Regulatory Cliff into perspective, consider that the Competitive Enterprise Institute estimates that just the currently existing regulations cost American businesses $8,086 per employee, a number that balloons to $10,585 per employee for businesses with fewer than 20 employees.
And these are the figures before the 4,128 new regulations Obama has planned for 2013, 212 of which are each slated to cost the government $100 million or more.
So for all the talk of the Fiscal Cliff, the Obama administration must be happy that it distracts from the real drain on the economy that is about to come – the Regulatory Cliff.