Southern Ag today reports that the United States is a major competitor in producing agricultural products, but one area that erodes U.S. competitiveness is the increase in government regulations.
Southern Ag reports that it shows that the total number of pages of the Code of Federal Regulations increased from around 15,000 in 1950 to around 190,000 today. If the cost of U.S. regulations were a country, it would be the fourth richest country in the world, just behind the U.S., China, and Japan. The study by the National Association of Home Builders stated that 23.8% of the cost of a new single-family home, or the average of $93,000, is due to government regulations.
Regulatory costs, also known as the social hidden taxes, are equivalent to $14,000, or 22% of the 2020 annual household expenses, more than any other expenses except housing, which is $22,000. So taxes are creeping up on how the United States can regulate and be competitive with all these products that we try to send out of the world. Regulatory costs are adding a source, and regulatory costs are costing the American people every day.
Audio Reporting by Tyron Spearman for Southeast AgNet.