President Trump catches a lot of flak for not always being able to deliver on his plans and promises, but one thing he’s definitely excelled at is finding ways to implement new regulations.
On bureaucrats, that is.
The current commander-in-chief has actually done a number on the ever-growing size of government, causing the ever-rising tide of regulation to grind to a halt.
In fact, he’s the least regulatory president since Ronald Reagan. The Competitive Enterprise Institute reports:
President Donald Trump is capping the end of the fiscal year and beginning the new one with high-profile events on tax reform and cutting red tape, respectively.
He highlighted these issues in a speech to the National Association of Manufacturers on Friday, the last working day of the federal government’s 2017 fiscal year. Then on Monday, the 2018 fiscal year starts, and the White House will host a “Cut the Red Tape” event to discuss the administration’s regulatory reform plans.
Trump’s focus on tax reform and cutting red tape is exceptionally good news for consumers, businesses and the economy. In recent years, I’ve estimated the baseline for the U.S. federal regulatory burden has amounted to nearly $2 trillion annually. This amounts to a hidden tax of nearly $15,000 per household in a given year.
Getting rid of complicated and unnecessary rules would create a fairer and simpler system that will help get America working for everyone. The combination of regulatory reform and tax reform would jump-start the economy, finally resulting in the economic relief Americans have been waiting for: more jobs and higher wages. It would also help small business owners, driving more growth, investment, and productivity.
As we continue to watch the president’s progress on his economic priorities, it’s interesting to compare Trump with previous presidents, namely Ronald Reagan. Under Reagan, both regulations and Federal Register pages (where agency rules and regulations are published) dropped more than one-third.
So far, Trump has reduced the flow of regulation even more.
While Trump is fighting regulations on many fronts, a key policy he implemented early on was that, for every new regulation that’s passed, two old ones have to be eliminated, — which slowly downsizes the government, bit by bit.
This not only gets rid of bad rules on the books, but also makes Congress more thoughtful about what they propose.
It’s about time.