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A cost-benefit analysis by a Polish think tank, the Institute of Public Affairs, showed that the statute cost about €20 million a year, with no positive effect.
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Mr. Obama said he was taking action because the 2.4percentt increase mandated by statute would cost $22.6 billion in 2010.
Unlike exemplary damages the "carrot" of costs can be achieved without statute – though the cost clauses are also flawed.
Under the statute, consideration of costs comes in at the next stage, when individual states develop their plans for complying with the standards.
Furthermore, Congress has extensively debated revising the statute to require a cost-benefit analysis at the standard-setting stage, but has declined to do so.
In an astute analysis entitled "The Ghosts of 1993" and published on his much acclaimed website fivethirtyeight.com, Nate Silver asks, "What high-profile policy change has the support of 75percentt of the American public, and could be implemented by changing a very few simple statutes at essentially no cost to the American taxpayer?" You've got it.
In time, the company will also be assessed penalties under a separate federal statute, for environmental damages and remediation costs.
These pay raises were by executive order in accordance with cost of living adjustment statutes, as noted by legal scholar Eugene Volokh on his blog, The Volokh Conspiracy.
The new dispute centres on plans by a remote southern Italian village to build a 280-foot high statute of the Franciscan monk, at a cost of €150m (£115m).
Later in the argument, he told Mr. Warren that cost-benefit analysis was a "formal discipline" and added, "I don't see how you import cost-benefit analysis into the statute".
The individual plaintiffs could have each recovered just $38,000 under the antitrust statute, but proving an antitrust violation would have cost exponentially more.
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CEO of Professional Science Editing for Scientists @ prosciediting.com