Regulation costs California $500 billion a year

"The study finds that the total cost of regulation to the State of California is $492.994 billion which is almost five times the State’s general fund budget, and almost a third of the State’s gross product. The cost of regulation results in an employment loss of 3.8 million jobs which is a tenth of the State’s population... California currently has 12.2% unemployment, and its economy has almost fallen off a cliff over the last two years. A reduction of even half of the regulatory burden on businesses in California could create almost 2 million jobs and kick-start their economy."