Republican lawmakers have been raking President Obama over the coals due to what they call a “tsunami” of new government regulations. “Business owners are reluctant to create jobs today if they’re going to need to pay more tomorrow to comply with onerous new regulations,” said Sen. Susan Collins (R-ME). Obama’s “excessive regulations that unnecessarily increase costs” just “make it harder for our economy to create jobs,” said House Speaker John Boehner (R-OH).
As with most GOP talking points, the facts tell a different story. A Bloomberg analysis of regulations reveals that Obama has approved fewer regulations than President George W. Bush “at this same point in their tenures, and the estimated costs of those rules haven’t reached the annual peak set in fiscal 1992 under Bush’s father.” Indeed, the record for the most expensive regulations still belongs to the GOP:
Obama’s White House approved 613 federal rules during the first 33 months of his term, 4.7 percent fewer than the 643 cleared by President George W. Bush’s administration in the same time frame, according to an Office of Management and Budget statistical database reviewed by Bloomberg. [...]
In the last 12 months through the end of September, the cost range of new regulations is estimated to be $8 billion to $9 billion, a decrease from 2010, according to non-partisan Government Accountability Office reports analyzed by Bloomberg…The record [cost of regulations] came in 1992 under George H.W. Bush when that total hit $20.9 billion in current dollars. In the last year of Ronald Reagan’s term it was $16 billion in today’s dollars.
http://thinkprogress.org/economy/2011/10/26/353942/bush-more-regulations-than-obama
