The White House strategy to save money by spending money is under way. Brace for impact. Stay informed. And keep in mind that since taking office, President Obama has signed into law 21 new or higher taxes while the White House currently has 5,000 more regulatory actions waiting in the wings — this according to Americans for Tax Reform, which is tracking it all.
Many of the new taxes have been spun off Obamacare, including a tax hike of $60 billion on health insurers, excise taxes on both charitable hospitals and tobacco, tax hikes on medical device manufacturers and Medicare payrolls.
New regulations will affect technology, banking, energy and labor.
“According to the 2011 Cost of Government Report, the president’s projected $2.5 billion increase in regulatory budgets in 2012 will cost the economy 6.2 million jobs over five years,” the nonprofit coalition says. “What’s more, Mr. Obama has suggested regulatory reviews take credit for regulations never really enacted. The ‘billions’ in savings he imagines under this guidance are imaginary, while the costs of actual rulemakings imposed on employers are real.”
See the numbers and details here: www.atr.org.