In his first inaugural address, Thomas Jefferson said that “the sum of good government” was one “which shall restrain men from injuring one another” and “shall leave them otherwise free to regulate their own pursuits of industry.” Sadly, governments – both federal and state – have ignored this axiom and continue to rapidly expand the already immense regulatory state.

Virtually every facet of our lives is somehow touched by government regulations. The food we eat, cars we drive, places we work, even the mattresses we sleep on every night are regulated, in some way, by federal and state governments. According to an estimate by the Competitive Enterprise Institute, regulatory compliance costs and economic impacts total $1.863 trillion annually, equal to a roughly $15,000 “hidden tax” per U.S. household. Americans spend more on this “tax” than any other expense except for housing.

The current regulatory system is broken. Onerous permitting requirements have made it extremely difficult, expensive and time-consuming to build much of anything these days. Overly burdensome regulations have also destroyed jobs and have negatively impacted businesses, small and large. Despite record numbers of Americans out of the labor force, the Obama administration – according to analysis conducted by the Heritage Foundation – has created new regulations at a faster rate and at a greater cost than any of his predecessors.

This is not to say that all regulations are bad and should be done away with entirely. Obviously, there is a role for governments to play in ensuring the air and water we breathe and drink is clean, food and medication we consume are safe and the places we work don’t pose significant threats to our health and safety. That said, regulations should be transparent, fair, and impose minimal financial burdens on businesses and families.