Budget

Soon, Biden will release a deficit-laden FY 2024 Federal Budget. If the spending side of the federal ledger that we officially measure every year is out of ...

These have [deteriorated under](https://www.forbes.com/sites/waynecrews/2021/01/26/biden-repudiates-trump-era-with-revocation-of-certain-executive-orders-concerning-federal-regulation/) Biden’s “Modernizing Regulatory Review” directive, which has instructed agencies to pursue the maximization of “net benefits” as progressives see them. It cannot work if the policical philosophy is one friendly not just to regulation but to full government control and tight management of economic and social affairs. Of course, Joe Biden would not sign such legislation; that’s unfortunate since the notion [actually goes back](https://democrats-budget.house.gov/sites/democrats.budget.house.gov/files/documents/Crews%20Testimony.pdf) to the Jimmy Carter era and former Treasury Secretary and Texas Senator Lloyd Bentsen (D-TX) who proposed an “annual regulatory budget” (Congressional Record, Vol. That is is the most basic prerequisite for the prevention of abuse. [unfathomable costs](https://www.forbes.com/sites/waynecrews/2020/08/25/what-comes-after-trillion-coming-to-terms-with-the-impenetrable-costs-of-government-intervention/) still necessarily applies to any regulatory budgeting bill, but the congressional approval requirement makes up for it by institutionalizing the direct democratic accountability for regulations that is lacking now. [regulatory output can be expected to the same](https://cei.org/wp-content/uploads/2022/10/10000_Commandments_2022.pdf). Marco Rubio’s (R-FL) “National Regulatory Budget](https://www.rubio.senate.gov/public/index.cfm/press-releases?ID=E6A295BE-158A-40D2-9016-69A76C1183B6),” [invalidity of regulatory cost estimates](http://ssrn.com/abstract=2502883) may be fatal to the regulatory budgets’ precision, but not to the importance of recognizing that burdens, on a par with federal spending, do exist. It is about regulation](https://www.gpo.gov/fdsys/pkg/CHRG-114shrg95802/html/CHRG-114shrg95802.htm)." 261](https://www.congress.gov/bill/118th-congress/house-bill/261/text?s=1&r=8)) [introduced by](https://good.house.gov/media/press-releases/rep-good-introduces-4-bills-reduce-big-government-spending) Rep. There are [vast categories of regulatory costs](https://drive.google.com/file/d/1zGE4mx26OnvpMWmOIL1_pqgnLijK84RJ/view) that do not fit into any contemporary reckonings at all. Buchanan — recipient of the Nobel Memorial Prize in Economic Sciences in 1986 — counseled, there are no “objectively identifiable magnitudes” available to the third‑party observer; in our case, the many regulators issuing rules.