The Obama administration’s overzealous regulatory mindset continues to jeopardize the nation’s fragile economy. U.S. Sen. Jim Inhofe, R-Tulsa, says federal regulations are even more costly to the economy than the escalating federal deficit. Inhofe says that situation will become worse with the implementation of new Environmental Protection Agency regulations.
“That cost is just huge, and people don’t recognize it,” Inhofe said.
Inhofe said EPA greenhouse gas regulations alone are estimated to cost $300 billion to $400 billion a year in lost gross domestic product. The greenhouse gas regulations cost the equivalent of 2 percent of the national economy and would result in $100 billion a year in lost tax revenue, he said.
Inhofe, the ranking member of the Senate Environment and Public Works Committee, cited several other EPA regulations that are in various phases of implementation. Among those:
Ozone standards that would result in an estimated $676.8 billion in lost GDP and would cost 7 million jobs by 2020.
Farm dust rules, which Inhofe said would decimate Oklahoma’s agricultural economy.
Hydraulic fracturing rules, which would retard U.S. energy independence efforts and continue the national reliance on foreign oil.
In an administration where overreach has been the norm, the EPA is in a class of its own. Obama needs to offer compromises on the regulations for the economy to stay on a road to recovery.