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Without Federal Regulation, America Could Have a $53.9 Trillion GDP
Posted By Daniel Greenfield On June 29, 2013 @ 8:05 pm In The Point | 1 Comment
Ironically we could then pay down the national debt we wouldn’t have.
In a research paper that appears in the June 2013 issue of The Journal of Economic Growth titled “Federal Regulation and Aggregate Economic Growth,” economists John Dawson (Appalachian State University) and John Seater (North Carolina State University) examine the relationship between the growth in regulations (measured by the pages of federal regulations) since 1949 and economic performance (measured by real GDP growth)
Here’s part of the conclusion:
Federal regulations added over the past fifty years have reduced real output growth by about two percentage points on average [annually] over the period 1949-2005. That reduction in the growth rate has led to an accumulated reduction in GDP of about $38.8 trillion as of the end of 2011. That is, GDP at the end of 2011 would have been $53.9 trillion instead of $15.1 trillion if regulation had remained at its 1949 level.
But who needs a $53.9 trillion GDP anyway when we can have free birth control and a vast bureaucracy sucking the citizenry dry? Only extremists, that’s who. And taxpayers.
Good people would rather have a caring government, a huge deficit and no money to pay for any of it.
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