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Friedrich A. Hayek: Champion of

Individual Liberty, Limited Government, and Free Markets

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The Regulatory State

Excerpts from the Cato Institute annual snapshot of the Federal Regulatory State: The 10,000 Commandments

·         The 2002 Federal Register contained an all-time record 75,606 pages, a nearly 9 percent increase over 2001

 ·         The five most active rule-producing agencies (the Departments of Transportation, Treasury, Agriculture, and Interior and the Environ-mental Protection Agency) account for 50 percent of all rules under consideration.

 ·         The Office of Management and Budget’s latest report on the costs and benefits of federal regulations finds cumulative 1992–2002 costs of “major” regulations to be between $38 and $44 billion, while noting costs of all rules could be more than 10 times larger.

 ·         Based on a more broadly constructed competing compilation of annual regulatory costs by economists Thomas Hopkins and Mark Crain, regulatory costs hit an estimated $860 billion in 2002, an amount equivalent to 43 percent of all FY 2002 outlays.

 ·         Regulatory costs are five times the $158 billion budget deficit.

 ·         Regulatory costs are five times the $158 billion budget deficit.

 ·         Regulatory costs of $860 billion are equivalent to 8.2 percent of U.S. gross domestic product, estimated at $10,443 billion for 2002.

 ·         Federal regulatory costs of $860 billion combined with outlays of $2,011 billion bring the federal government’s share of the economy to 27 percent.

 ·        Regulatory costs also exceed all corporate pretax profits, which were $699 billion in 2001.

 ·        On the basis of estimates from the Weidenbaum and Mercatus Centers, agencies spent $25 billion merely to administer and police the regulatory state in 2002, 14 percent more than the previous year. Counting the $860 billion in off-budget costs, that brings the total regulatory burden to $885 billion.

An excellent article on the excesses of over-regulation:

http://www.foxnews.com/story/0,2933,92130,00.html  

An excellent article on Alan Greenspan's recent testimony that "Regulators Kill Corporate Spending"

 

 

All information on this and referred pages should be distributed widely (with appropriate references to sources) to spread Hayek's principles to as many people as possible and move our countries toward more ideal conditions for all people.

Feel free to contact me with questions and comments: longanimous@hotmail.com St. Augustine, Florida, USA - These pages last updated: July 17, 2003.

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