One of Obama’s favorite bromides is that he has never raised taxes on those earning less than $200,000. The problem is that he lies every time he repeats that statement. A government intervention in the form of regulations, mandates, and market-distorting subsidies is tantamount to a tax because it makes all consumers pay more for vital products and services. In that sense, it is an extremely regressive tax that disproportionately hurts lower and middle-income earners who spend a large share of their income on food and energy.
Earlier in the week, the Heritage Foundation published a comprehensive report about the costs of Obama’s regulations in just three years. They found that his 106 new federal regulations cost the economy $46 billion. That is “almost four times the number—and more than five times the cost—of the major regulations issued by George W. Bush during his first three years.”
Here are some other key points from this magnanimous report:
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