This is larger than the entire GDP of all but 11 countries in the entire world — including major developed nations like Australia and South Korea.
Further, the regulatory burden is constantly growing. In 2014 alone, 3,541 new regulations hit the books. Complying with regulations will take an estimated 9 billion hours of paperwork. CEI contends such regulation drives up the cost of goods and services, destroys jobs and damages the economy in other ways. They also point out this huge expense is largely out of control — unmonitored and unaccountable. Many regulations are inefficient, unnecessary, destructive, and would be far better handled by market mechanisms.
The report, “Free to Prosper: A Pro-Growth Agenda for the 114th Congress,” can be read for free and includes CEI’s suggestions for reform.