Forget the fiscal cliff. Sooner or later — probably later — Speaker Boehner and the president are going to come to an agreement that will raise taxes on the wealthy with a solemn, cross-our-hearts-and-hope-to-die promise from the Democrats to cut an unspecified amount from the budget at an unspecified later date.
Just when the Democrats are going to screw over the GOP and refuse to make any significant budget cuts or engage in negotiations that would reform entitlements will also be unspecified.
But there is another looming crisis for the taxpayer and businesses large and small. It is the flood of new regulations that will be issued in the coming months. Delayed by the White House before the election because their implementation would have adversely affected business and cost jobs, thousands of new rules will be issued that will cost American business an estimated $100 billion. This is on top of the already gargantuan regulatory burden that the Competitive Enterprise Institute estimates at $1.8 trillion — $215 billion this year alone.