Every dollar spent complying with federal regulations returned anywhere from $2.13 to $14.90 during the 2000s, according to a new report from the White House Office of Management and Budget (OMB). EPA rules accounted for approximately 84% of this alleged regulatory largesse. Needless to say, the OMB report is total nonsense.
First, the OMB report is not a re-analysis of costs and benefits claimed by federal agencies or a retrospective analysis of actual costs and benefits. The report simply parrots and adds up what the hallucinatory agencies have previously claimed.
In particular and as we pointed out in “EPA’s Clean Air Act: Pretending air pollution is worse than it is,” EPA benefits estimates are LOL-ably wild, if not entirely imaginary.
It’s really sad that OMB — once a respected champion of cost-benefit analysis — has been reduced by the Obama administration to bootlicking arithmetic.