If you’re wondering why it’s hard to get a mortgage, why no new banks are opening up, why your power bill will be going up, why your health insurance costs more, why we don’t build new highways, why you can’t get medicines that are available in Europe, Barack Obama’s rules are a big part of the story.

These rules create a moat around America’s wealthiest and well-connected. They can afford to comply and absorb the costs. The burden of meeting the new rules’ requirements falls heaviest on everyone else through higher prices. And if a business can’t pass on the cost of new rules to consumers, it just cuts wages or jobs.

The increased cost of new regulations, in time and money, has been phenomenal. According to the American Action Forum, since Mr. Obama took office, new regulations have resulted in an additional 443 million hours of paperwork each year for Americans. All told, according to the Competitive Enterprise Institute’s 2015 report on the federal regulatory state, regulations impose a $1.88 trillion silent tax on the U.S. economy each year—that’s nearly $15,000 per family. For every second of his presidency, Mr. Obama has added roughly $3,100 in regulatory burdens to the economy.