Promise Exceeded: Trump's Deregulatory Record
"We've hit 13 to 1," said the OMB's Russ Vought of regulations cut for each one added.
The national debt will continue to rise under the new deal struck by President Donald Trump and congressional leaders Monday. No one in Washington cares about the debt, and too many voters are in the same boat. But the U.S. economy is still growing in spite of this massive burden, and one big reason for that is another part of Trump’s agenda: deregulation.
The Republican tax cuts — which every single Democrat opposed and has spent two years lying about — spurred economic growth not seen during the doldrums of the Barack Obama years. Regulation is a form of taxation, adding hidden costs to nearly everything Americans produce, buy, and do. Thus, when Trump cuts regulations, he is again cutting taxes, and that helps the economy.
Better yet, he’s been doing it even faster than he promised he would. On the campaign trail, Trump pledged to cut two Obama-era regulations for every new one imposed. “We’ve hit 13 to 1,” said Russ Vought, deputy director of the Office of Management and Budget. And doing so has saved American taxpayers $33 billion, as well as spurring a projected rise in household income of $3,100 over the next few years.
Every Democrat presidential candidate promises to undo that progress.
According to Mick Mulvaney, acting White House chief of staff, it’s the president’s “real-world experience” in business that formed his deregulatory worldview. Unlike Obama, Trump actually had a job in the private sector, where he had to contend with onerous regulations. “The president has it because he had to go and pull a permit to build a building and deal with bureaucracy and doesn’t like that and knows why that impedes growth and impedes development, impedes creativity,” said Mulvaney. “It’s an extraordinarily commonsense approach.” An approach every American should appreciate from the central government.