Another theory holds that American firms are being tortured by red tape and taxes to an unprecedented degree. The cost of regulation has risen under Mr Obama, according to the Office of Management and Budget. Batty new rules abound. The Environmental Protection Agency (EPA) wants to define the “waters of the United States” to include not just navigable rivers and lakes but also their tributaries. The National Federation of Independent Business (NFIB), a lobby for small firms, howls that this could include ponds and ditches that are dry most of the year. It predicts that developing such land could require permits costing tens of thousands of dollars and long delays.