America's Missing Wealth: The Real Cost of Government Will Stun You

...Now, 2% a year doesn’t sound like much. Most of us could spend 98% of our budget next year without too much pain. The quip about compound interest is noteworthy only because it would take a genius like Einstein to observe something so profoundly simple yet subtly opaque.

But run the numbers yourself–and prepare for a shock. If the U.S. economy had grown an extra 2% per year since 1949, 2014′s GDP would be about $58 trillion, not $17 trillion. So says a study called “Federal Regulation and Aggregate Economic Growth,” published in 2013 by Journal of Economic Growth. More than taxes, it’s been runaway federal regulation that’s crimped U.S. growth by the year and utterly smashed it over two generations.

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