Waste Watch: Federal Regulation Costs Households $15K per Year -- Erika Kurre
Updated: Monday, June 23 2014, 10:46 PM CDT
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Nashville, TN - Thousands of your hard-earned dollars are going to pay lawmakers to tell you what to do.
Each American family is spending about $15,000 per year in hidden taxes for regulations.
These are after-tax dollars which doesn't include social security and other federal taxes taken out of your paycheck.
It's the kind of money you spend without knowing it like paying more at the grocery store or a few cents more per gallon at the gas pump.
Billy Boyd is hosting Nashville Craft Beer Week at Publicity in Bellevue.
He's learning how tough it is to juggle prices between the marketplace and his customers.
It's estimated about 10 new federal rules per day are placed on things we use everyday from food to gasoline and clothes-- even the air we breathe.
Regulatory agencies like the EPA and FDA are where it all begins, making requirements that cost money to manage.
Congressman Marsha Blackburn says they want to achieve an end whether it's lower carbon reductions, restricting food supply, pesticides or fertilizers.
But the worst part according to the congressman is there's no evidence that it works.
These agencies aren't even checking in a cost-benefit analysis to see if these thousands of regulations are making the American marketplace safer.
Congressman Blackburn says, "What it means is more money comes out of your pocket to pay taxes for more bureaucrats who are not doing their job and then you end up paying in additional regulations."
Almost 4,000 new regulations hit the books every year.
They cost the US economy nearly 2 trillion dollars.