by Robert Carbery
Elections have consequences. Just look at what the Trump administration is doing to the regulatory state that Obama implemented and expanded over the last eight years. There is nothing the Democrats can do but watch in horror as Trump’s deregulatory agenda rolls on and ramps up.
Big business has been behind Trump’s plans so far despite the lack of implementation yet. They have not been supportive of the threat to get us out of the North American Free Trade Agreement. But they have been looking forward to the much-promised GOP tax cut plan and the possible future focus on the rebuilding our nation’s infrastructure. And small businesses are all for deregulation as well. It will make business creation more of a possibility in these regulated states of America.
What business truly craves is what Trump has been delivering more than anything else so far: deregulation.
Recently released figures from the U.S. Chamber of Commerce tells us how fast the president and his administration have moved on deregulation. The Chamber lists 29 executive orders by Trump to reduce regulatory burdens on businesses while executive branch agencies have issued an additional 100 directives eliminating or shrinking regulations in multiple sectors of the world’s largest economy.
There are also about 50 pieces of legislation working their way through Congress that will further pull back the restrictive regulations put on people trying to get a business up and running. Best of all, Trump and the GOP Congress have taken it to President Obama by using an obscure law, the Congressional Review Act, which lets lawmakers repeal executive branch regulations within 60 days after they are finalized. And so, Congress has passed, and Mr. Trump has signed, legislation toppling 14 regulations passed by Barack H. Obama’s administration in its very last days.
While this successful part of the Trump narrative is far from sexy, a deregulatory push of this magnitude may turn out to be one of the most effective moves his administration makes unless real tax reform gets done or immigration initiatives are followed through on. In the end, his appointment of Justice Neil Gorsuch to the Supreme Court could be the most lasting of Trump’s successes. Either way, the deregulation being done in DC will have a lasting effect on business growth for the foreseeable future. The economy is humming along for the most part already with 3% growth achieved during the third quarter, fueled partly by an 8.6% jump in business spending.
Democrats of course decry this deregulatory approach, calling it both dangerous to the public and a way for Trump to make his rich friends even richer. This is a skewed way to look at Trump’s economic policies. The outlook will be much brighter for all Americans. Not just the rich or the poor or the middle class. Everyone. We all benefit from business expansion and tax reform and will be pleased by having more money in our pockets and more jobs to choose from.
There is little Democrats can do to stop the deregulation drive. The Trump Train is in full motion on that front for now at least. Will we see success on other parts of Trump’s agenda? Or will he be thwarted by the slogging pace of DC and the entrenched Deep State?
He will do what he can, but he needs help. The removal of regulations will Make America Great Again. Make no mistake about it. But actions taken by the executive branch can easily be undone by a president form another party once they take office as we are witnessing today.
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by Robert Carbery