The tax extenders deal is stalled in Congress. Once again this year, lawmakers are attempting to strike a compromise before adjourning in December that will extend the series of tax breaks for individuals and businesses. Congressman Pat Tiberi is looking for a longer deal, “When you’re looking at job creation, when you’re looking at job growth, longer-term certainty is preferable.”

Senior White House officials have promised a veto if Congress takes any action to negate the president’s recent executive action on immigration. The White House estimates that the unilateral action will affect 5 million illegal immigrants. Even SNL had some fun at the president’s expense this weekend with their new rendition of Schoolhouse Rock’s “I’m Just a Bill.”

Eakinomics: The Obama Regulatory Agenda

The administration released its 2015 regulatory agenda. As has become habit, it appeared (when it appears at all) late — very late — on a Friday. The methodical burying of the Unified Agenda suggests that President Obama understands that his regulatory record is not an asset with the American people. Small wonder. As a perusal of the AAF regulation rodeo database reveals, the track record is quite significant. Specifically, the reported compliance costs for the first five full years of the Obama Administration are:  

• 2014: $18 billion
• 2013: $9.4 billion
• 2012: $32.6 billion
• 2011: $8.9 billion 
• 2010: $17.6 billion
• 2009: $7.9 billion

A couple of things to note. First, these are the “self-reported” compliance cost estimates by the agencies developing the rules. A third-party estimate might not exactly fall in line. Second, these are the costs of compliance —the dollars and cents spent complying with the rule — and ignore the economic distortions imposed by the disincentives in the rules.  Third, and most important, the average of $16 billion in compliance costs is tantamount to having a $160 billion tax increase over 10 years. If the administration proposed $160 billion in taxes (over ten years), there would be no question that it would damage growth significantly and would be unpopular with the electorate.  

The Unified Agenda is a tax increase, anti-growth agenda.

The Unified Agenda is an unpopular agenda.

The release of the Unified Agenda late on a Friday is unsurprising. 

From the Forum

Week in Regulation by Sam Batkins, AAF Director of Regulatory Policy