White House regulation czar Cass Sunstein announced this morning that a review of regulations by government departments had found 30 regulations that could be abolished or pared back to ease burdens on business. CEI regulation experts Iain Murray and Ryan Young call it a first, tiny step.
Erm, is that it? $40 million here, $67 there. Most of the 30 or so plans don't have a dollar value attached to them, but let's say those values are typical and the 30 plans will save $50 million each on average. That would reduce the nation's regulatory cost bill by $1.5 billion.
That sounds like a lot, but on CEI's estimates the annual cost of regulation to the U.S. economy is $1.75 trillion. The effect of these deregulatory efforts will barely register. The agencies' efforts would have to be two orders of magnitude higher to result in any significant dent in that figure. > See "Deregulatory Baby Steps" by Iain Murray on Openmarket.org
The bad news is that the regulatory savings will comprise only a tiny fraction of the $1.75 trillion cost of federal regulation. Many will hail these reforms as landmark, revolutionary, or some other hyperbole. They are nothing of the sort. It is only a first step on the road to a saner regulatory approach. But if people believe that we've already reached the destination, they will lose the desire to press for further reform. > See"Sunstein and Obama, Deregulators?" by Ryan Young on Openmarket.org
See also,Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State, by Clyde Wayne Crews