US regulatory industry is growing faster than the real economy

Nice article by Matthew Andrews  and James L. Gattuso:

Want to work in a field that has more than quadrupled in size since 1960? Consider being a regulator for the federal government. Even during the last recession, the regulatory agencies were hiring.

In 2015, the U.S. government employed more than 277,000 regulators. To put that number in perspective, it’s 50,000 more workers than General Motors Co. employs throughout the entire world. It has cost our economy over $100 billion during the Obama administration.

We’ve all heard of the regulatory agencies that constitute the “fourth branch” of government. It has cost our economy over $100 billion during the Obama administration. But it wasn’t always like this. We haven’t always lived in a world where unelected bureaucrats could fine a man $55,000 for taking photos of his friend’s art project.

Thankfully, Susan Dudley from George Washington University in Washington, D.C., and Melinda Warren from Washington University in St. Louis, Missouri, have tracked the growth of federal regulatory agencies, allowing us to see how we got into the predicament we’re in now.

…..

Even when the rest of the country is doing poorly, the regulators do well. From 2014 to 2015, the economy grew by only 2.6 percent, while the regulatory business grew by 4.3 percent. So if you’re looking for work and the private sector isn’t hiring, you can always try finding work as a bureaucrat in the industry that never shrinks.

What about India?

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