The President lays the groundwork for explosive economic growth.
“I’ve never seen anything like this.” — Donald Kenkel, Cornell University
Last week, the New York Times discovered that President Donald Trump was serious when he promised to liberate the economy from the oppressive weight of the regulatory state, describing it as “deregulation on a mass scale.”
Cornell’s Donald Kenkel, who was chief economist at the White House Council of Economic Advisers in the first Trump administration, told the Times that “It’s going on much more quietly than some of the other fireworks we’re seeing, but it will have great impact.”
Great, indeed. In both senses of the word.
Gutting the regulatory state would free up massive amounts of pent-up economic energy, raise standards of living, lower inflation, and sharply cut the deficit, without unduly harming anyone (except busybody bureaucrats).
It’s hard to fathom just how gargantuan and intrusive the regulatory state has become over the past 100 years. Even the Times seems surprised, noting that “more than 400 federal agencies … regulate almost every aspect of American life.”
But that barely scratches the surface. Thursday, the Competitive Enterprise Institute released its annual “10,000 Commandments” report, which tracks the regulatory Leviathan. CEI calculates that the annual cost of complying with federal regulations is now $2.155 trillion.
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Author: Ruth King
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