(NewsInsights.org) – Bernie Marcus, a Home Depot co-founder and former CEO, established the Job Creator Network (JCN) over a decade ago to give back to the free market system that had provided him so much. In part, he designed the JCN to help protect against “high taxes and invasive regulations” because he believes both curtail business growth and stunt free markets. Recently, the JCN released a report detailing how regulations implemented by the Biden administration have increased costs to families by shocking amounts.
The JCN decided to release the report exclusively through the Daily Caller News Foundation (DCNF), which also featured highlights from the report. The media outlet pointed out that the administration has imposed $1.6 trillion in new costs through nearly 925 new regulations during Biden’s term in office. That has resulted in future costs to American families averaging $10,000.
DCNF said the report claimed that the administration had implemented 75% of those costs in the last few months as career bureaucrats rushed to implement regulations ahead of the 2024 election. Regulations implemented within 60 days of the end of a Congressional session become subject to a “lookback period” of review and repeal. The 118th session of Congress will end on January 3, 2025.
Emissions standards represent the most costly regulations. The JCN report estimated that standards for medium and light-duty vehicles, part of Biden’s climate initiatives, will cost in the neighborhood of $870 billion. Yet, the administration also added regulations covering appliance efficiency and emissions, including furnaces, washing machines, and air conditioners. The new standards could increase new appliance costs to consumers by about $500, $200, and $1000, respectively.
Additionally, the JCN argued that manufacturers were paying about $360 billion more in 2022 to deal with regulations, costing each worker as much as $29,000 in potential wage raises that companies must spend on compliance issues instead. Moreover, the network believes the increase in regulations could cost each American family up to $60,000 if Biden continues his trend over two terms.
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