Trump Credits Deregulation As Driver of Economic Success

President Donald Trump and Vice President Mike Pence hosted a round-table discussion with small-business leaders on Friday to discuss the administrations Fall Unified Agenda—a report on the regulatory and deregulatory actions taken in the past year, with an update on cost savings achieved.

According to the White House statement, the president is making good on his promise to end excessive federal regulations and bring economic freedom and prosperity to all Americans. With 390 deregulatory actions across two dozen agencies, the report stated that regulatory costs had been slashed by up to $50 billion.

.@realDonaldTrumps Administration added to its already unprecedented deregulatory success in Fiscal Year 2019, bringing total savings to $50 billion! https://t.co/zjKgrrZUTC

— CEA (@WhiteHouseCEA) December 6, 2019

From 2017 to 2019, the most significant number of deregulatory actions took place in the Departments of Agriculture (26), Commerce (39), Education (28), Health and Human Services (46), Homeland Security (28), the Interior (48), Labor (25), Transportation (48), and the Environmental Protection Agency (44).

“So many of the things we do, its based on common sense,” said the president.

According to a White House press release: “The Trump Administrations deregulatory actions across a vast array of American industries are the most significant in U.S. history. The Council of Economic Advisers (CEA) estimates (pdf) that after 5 to 10 years, this new approach to federal regulation will have raised real incomes by $3,100 per household per year by increasing choice, productivity, and competition.”

According to a June 2019 interim report on The Economic Effects of Deregulation (pdf): “The CEA uses a pragmatic, streamlined approach to analyze the costs that regulatory actions impose on consumers, small businesses, and other economic actors. This approach requires estimates of a small set of key parameters that describe the market that is primarily affected by the regulatory action in question. We follow a standard approach in cost-benefit analysis and rely on revealed preferences in markets.”

According to a statement, President Trumps Executive Order 13771 is the cornerstone of the administrations deregulatory success, and requires federal departments and agencies to: (1) eliminate two regulatory actions for each new regulatory action; and (2) not exceed a regulatory cost allowance.

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“We have a lot of things that were working on,” said President Trump. “To build a road can take 22 years to get approvals. And weve got it way down now. … We have roads where theyve been going for … decades. … And by the time they get approved, they cost 50 times more…”

“And weve got that process down to four-and-a-half years. Were going to try and get it down to almost one year. That doesnt mean a road or a highway doesnt get approved. But if they dont get approved, it goes quickly, so they get rejected quickly,” Trump said.

The president also pointed out the importance of his trade policy since his inauguration. “I think those people in the steel industry have been greatly helped by the tariffs because the tariffs made the steel industry,” he said. “If I didnt get elected, you wouldnt have a steel industry, because, ultimately, every steel mill was closing. They were dumping steel at a level that nobody has ever seen before. And they were Read More – Source