The Biden-Harris administration is crippling American families through regulations.
University of Chicago economics professor Casey mulligan, Ph.D., regulations from the Biden-Harris administration are costing the average American family $47,000. Mulligan's report for the Committee to Unleash Prosperity said that number comes from an annual cost of $6,300 for 10 years or $3,300 annually forever to each family.
The costs of the Biden-Harris regulations are way more than during the Barack Obama presidency. In Donald Trump's first term as president, he saved each household around $11,000.
Economist Vance Ginn, Ph.D., said the additional costs from a number of things really put Americans in a pinch financially in an economy with high interest rates and inflation.
"Fuel efficiency standards, they've increased those tremendously for cars and so that's hit them really hard and with environmental issues they've put regulations on as well and it's now costing Americans a substantial amount," Ginn said.
Ginn says more than half of Americans believe the country is currently in a recession. He says it's definitely a slow down.
"They can't keep up with inflation and many people are losing their jobs," he said.
Nearly half of the states saw job loss for the month of July. In Texas, the state lost more than 20,000 jobs combined in June and July. Plus, the unemployment rate jumped recently to 4.3%.
The difference with Trump was he cut regulations and rolled back on some bad Obama regulations. This helped people keep more money in their pocket.
"Regulations are really nothing more than a hidden tax, kind of like inflation, because it hits all of us even though we don't directly see it," said Ginn. "A lot of times Congress doesn't even have to pass the regulation, it can be done by the executive branch."
Ginn expects a Trump presidency will result in massive rollbacks on these Biden-Harris regulations in the early days of him being back in the White House.