Trump Regulatory Cuts Saving Consumers Billions, Tax Cuts Next
A new study says deregulation will save $4 billion per year from Obama's red tape.
A new study released on Tuesday shows that Donald Trump’s aggressive rollback of federal regulations will save business nearly $4 billion per year — which means he’s saving you, the consumer, $4 billion. Regulations are a massive hidden tax on the American people because businesses pass on those expenses in the price of goods and services. The good news is that we’re only eight months into Trump’s presidency. Trump campaigned on cutting 70% of Washington’s regulatory state, and he is on pace to keep that commitment. Dan Goldbeck, an analyst at the American Action Forum, said, “Both the volume and impact of new regulatory burdens have slowed dramatically. Beyond these first six months, the administration’s ambition is clearly to go even farther and deeper.”
The impact of Trump’s regulation-cutting crusade has been most clearly evidenced by the positive growth of the U.S. economy. Since January businesses have added more than one million new jobs and the stock market has witnessed a dramatic rise. Americans’ favorable view on the state of the economy has risen to 69%. Juanita Duggan, president of the National Federation of Independent Business, stated, “Strong consumer demand is boosting small business optimism. Small business owners are feeling better about the economy because their customers are feeling better about the economy.”
Trump’s aggressive regulatory cuts have also encouraged Republican lawmakers to get in on the act as well. Congress has used the Congressional Review Act to overturn 14 significant Obama-era regulations. This law was seldom used prior to Trump’s inauguration, but it’s starting to get a badly needed workout.
Trump deserves credit for calling out Washington on its regulation addiction and for sticking with his plans to drain the swamp. Americans can now enjoy watching the economy continue to grow as more regulations and taxes are cut. The result will be more economic opportunity for more Americans as well as more money in the pockets of Americans. It’s simple economics.