The GSA scandal gets the publicity, but when it comes to government wasting other people's money, the real scandal is the boring stuff.
The House Committee on Financial Services has published the Dodd-Frank Burden Tracker, since "The Paperwork Reduction Act [requires] estimates for the labor hours needed for affected entities to fulfill new requirements set out by the rule."
Here it is.
The summary explains:
TOTAL BURDEN HOURS FOR 185 RULES: 19,443,045 initially and then 24,035,801 hours annually. 5,320 pages of regulation.
To put that in perspective, that's more hours than it took to build the Panama Canal.
What else could be done with that time?
Assuming the cost of each hour worked was about $25 an hour, that would be over $600 MILLION. What could we do with that much money that would be more productive?
-Go to outerspace with Richard Branson 3000 times (for $200,000 a pop).
-Buy 37 MILLION copies of my new book on Amazon.com (for $16.20 each.)
And for all that, the bureaucrats say they are only 46% done writing the Dodd-Frank rules. There will be thousands of pages more.