Shortly after Donald Trump won the 2016 election, markets started an historic rally. Of course, the surge in economic optimism was for good reason. On the campaign trail, Trump promised vital economic changes like tax and regulatory reform. Not only that, as one of the most successful businessmen in the world, Trump understood exactly what economic climate businesses needed to thrive.Since taking office, none of this has changed. Trump’s inauguration day brought another surge of market optimism, leading to one of the best job growth quarters in a generation. He also immediately went to work on his economic agenda, slashing burdensome regulations crippling our economy.
Needless to say, liberals have opposed Trump’s agenda every step of the way. However, they might want to rethink their opposition after a new study revealed that Trump’s economic policies are already having a huge impact.From The Hill:
President Trump has saved taxpayers more than $86 billion in regulatory costs during his first three months in the White House, according to a new study from a conservative group.
The American Action Forum (AAF) points to several Obama-era regulations that Trump has either rolled back on his own or with the help of Republican lawmakers using the Congressional Review Act (CRA).In just a short time in office, Trump has been on what some have called a “deregulation binge.” Clearly, no stone is being left unturned by the new administration:
This includes the Education Department’s school accountability standards, the Environmental Protection Agency’s waters of the United States rule and the so-called “blacklisting” rule for government contractors.
These are just a few examples mentioned in the report. Since taking office, Trump and Congress have repealed 13 rules with the CRA. The CRA allows lawmakers to overturn recent rules they disapprove of with a simple majority in Congress, and send the action to the president for his signature.This is great news for an economy hampered by eight years of overbearing government. In just a few months, President Trump has dismantled a large chunk of burdensome Obama-era regulations, resulting in a boom for the economy and the taxpayer.
What’s better is that all of this has been done in a relatively short amount of time. With over three years remaining in his term, Trump shows no signs of slowing down on slashing regulations. How much money taxpayers will save when all is said and done is anyone’s guess.
[Note: This post was written by Michael Lee. Follow him on Twitter @UAMichaelLee]