Bill Overview
Title: Expose BIDEN Act
Description: This bill requires the Government Accountability Office to determine the impact on the U.S. economy of each major rule issued after 12 p.m. on January 20, 2021. Any major rule that is determined to increase inflation or cause a decline in the gross domestic product must be rescinded.
Sponsors: Rep. Clyde, Andrew S. [R-GA-9]
Target Audience
Population: people globally as they are indirectly affected by US economic policies
Estimated Size: 332000000
- The bill focuses on major economic regulations that could affect inflation and GDP, impacting the economic environment in which all people, businesses, and government functions operate.
- If a rule is rescinded, it could have immediate impacts on industries related to that rule, affecting workers, consumers, and businesses in those sectors.
- Economic changes like inflation affect purchasing power, savings, and investments, impacting everyone from low-income households to wealthy individuals.
- Changes in GDP have broad effects on employment rates and economic growth, affecting job opportunities and wages for workers.
Reasoning
- The policy is designed to address inflation and economic growth which affects everyone differently depending on their socio-economic status, occupation, and location.
- The budget constraints suggest the policy will not cover all regulatory impacts extensively, meaning that individuals in sectors with significant rules that might be rolled back will feel more targeted effects.
- Rural, urban, wealthy, and lower-income individuals will reflect varying impacts based on the extent of government regulation affecting their local economies or industries.
Simulated Interviews
Financial Analyst (New York City, NY)
Age: 35 | Gender: female
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- I'm concerned about policy reversals that could destabilize markets.
- The checks on inflation are necessary, but abrupt changes to major laws could be disruptive.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 8 | 7 |
| Year 5 | 8 | 7 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Small Business Owner (Topeka, KS)
Age: 50 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 10.0 years
Commonness: 12/20
Statement of Opinion:
- Any policy that helps control inflation could be beneficial for my business.
- I'm worried that some rescinded rules might increase costs or regulations unexpectedly.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 9 | 6 |
| Year 20 | 9 | 6 |
Software Developer (Portland, OR)
Age: 28 | Gender: other
Wellbeing Before Policy: 7
Duration of Impact: 2.0 years
Commonness: 10/20
Statement of Opinion:
- It's unclear how this policy might directly impact the tech industry, but I'm watching closely.
- Policy changes might impact job opportunities based on how the economy reacts.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 8 |
Retired (Miami, FL)
Age: 62 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 15/20
Statement of Opinion:
- Inflation eats into my fixed income; controlling it is critical.
- But rescinding major rules too quickly could lead to instability in social services.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 8 | 7 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Healthcare Worker (Houston, TX)
Age: 45 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 3.0 years
Commonness: 10/20
Statement of Opinion:
- Healthcare regulations are critical, and sudden rescinding of rules could be harmful.
- However, controlling GDP and inflation might support further investment in healthcare.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 6 | 5 |
| Year 5 | 6 | 5 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Tech Entrepreneur (San Francisco, CA)
Age: 30 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 7.0 years
Commonness: 6/20
Statement of Opinion:
- Any policy affecting the economic landscape impacts startup viability.
- Control over inflation is crucial for tech investments, but sudden policy changes are concerning.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 8 |
| Year 10 | 9 | 8 |
| Year 20 | 9 | 8 |
Recent College Graduate (Chicago, IL)
Age: 25 | Gender: female
Wellbeing Before Policy: 4
Duration of Impact: 4.0 years
Commonness: 16/20
Statement of Opinion:
- Lowering inflation might make living costs more manageable and help job prospects.
- I hope policy changes don't reduce job growth areas.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 5 | 4 |
| Year 2 | 5 | 4 |
| Year 3 | 6 | 5 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Automotive Factory Worker (Detroit, MI)
Age: 40 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 8.0 years
Commonness: 8/20
Statement of Opinion:
- Changes to rules affecting auto industry need careful handling.
- Inflation control is welcomed but not if it means long-term job uncertainty.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 6 |
| Year 10 | 8 | 7 |
| Year 20 | 8 | 7 |
Farmer (Rural Alabama)
Age: 55 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 6.0 years
Commonness: 4/20
Statement of Opinion:
- Rolling back regulations might affect subsidies negatively.
- Managing inflation could help costs but policy uncertainty is daunting.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 7 | 6 |
| Year 20 | 7 | 6 |
Environmental Scientist (Seattle, WA)
Age: 38 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 9/20
Statement of Opinion:
- Environmental regulations rescinded due to economic interference could harm ecosystems.
- Finding a balance between the economy and environment is crucial.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 7 |
| Year 2 | 6 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 8 | 8 |
| Year 10 | 8 | 8 |
| Year 20 | 8 | 8 |
Cost Estimates
Year 1: $250000000 (Low: $175000000, High: $325000000)
Year 2: $200000000 (Low: $150000000, High: $270000000)
Year 3: $200000000 (Low: $150000000, High: $270000000)
Year 5: $200000000 (Low: $150000000, High: $270000000)
Year 10: $200000000 (Low: $150000000, High: $270000000)
Year 100: $200000000 (Low: $150000000, High: $270000000)
Key Considerations
- GAO's capacity and resource allocation for handling increased demands for economic evaluations.
- Potential legal and operational challenges in rescinding finalized rules.
- The transitional economic impacts of rescinded rules on affected industries and workforce segments.