US seeing an 'across-the-board human capital crisis' not seen in decades, budget watchdog says
Committee to Unleash Prosperity report shows Biden policies cost US households $10K
Biden regulations have cost the average American household more than $10,000: report
Economics professor Casey Mulligan discusses impact of Biden regulations on Americans' wallets.
Revealing just how costly Biden administration policies are for the average American household, a top economist and budget watchdog warned of an economic "crisis" not seen in years.
"This is an across-the-board human capital crisis like we haven't seen for decades," Casey Mulligan, University of Chicago professor and former chief economist at the White House Council of Economic Advisers, said on "Fox & Friends" Friday. "And that's hurting our economy and it hurts regular people in their everyday lives."
In a recent report authored by Mulligan that compares fiscal impact between the Obama, Trump and Biden administrations, data showed U.S. households facing $10,000 worth of extra costs, mostly from automobile, fuel economy and emissions standards.
When evaluating what added costs Americans would have faced under a second consecutive Trump administration, the average U.S. household was estimated to save $21,000 over eight years.
"Workers are not able to be as productive as they used to be. We see it at the school level, the kids aren't learning. Wages aren't keeping up with inflation. That's the other side of the productivity coin," Mulligan explained. "And then a lot of people are dying, and not from COVID, from more than normal deaths, from traffic accidents, diabetes, heart attack. I could go on and on."
President Joe Biden delivers remarks on the economy, Wednesday, June 28, 2023, at the Old Post Office in Chicago. (AP Newsroom)
If Biden’s regulatory costs continue to rise at their current rate, according to the report, American households can expect to lose $60,000 if the president wins re-election.
Mulligan claimed other executive orders and agency rulemaking – outside of energy policy – play into the potential extra costs.
"Health care business, telecommunication business, these are things adding to our Internet bills, adding to our banking fees and prescription drug costs, etc.," the economist said.
"So when you add all the thousands of regulations together," he continued, "you're getting something that's very noticeable and impactful for everyday people."
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The report also notes how President Biden’s resurgence of regulatory burdens may become exacerbated by stagnant economic growth, low productivity and remaining inflation pressures.
"President Trump did something, first thing that had ever happened in American history: he had a budget for the regulators," Mulligan said. "And he comes from business. No businessman runs his business without a budget for his managers."
"And so he gave all his regulators a budget and we saw amazing results from that. They were cutting out old regulations, cutting out unneeded regulations, and they were putting in some new ones that they felt were needed."
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The White House Council of Economic Advisers did not immediately return Fox News Digital’s request for comment.
Earlier this week, President Biden touted his "Bidenomics" policies despite poor poll numbers indicating that Americans have very little confidence in his ability to steer the U.S. economy.
FOX Business’ Anders Hagstrom contributed to this report.