At this moment, it’s likely the presidential candidates are busy preparing for the third and final debate tonight. Very soon, the nation will elect its next president, and many are wondering: what can our next president do to help the many Americans who need it? CEI experts weigh in on three ways our next president can help boost the economy and create more opportunities for Americans.
1. Rein in out-of-control regulations.
It’s no secret that regulation is getting out of control. Last year, federal regulations cost the U.S. economy almost $1.9 trillion, imposing a $15,000 hidden tax on every American household. But what can the next president do about this? Wayne Crews points our next Commander in Chief to an executive order that President Reagan used as a tool to rein in regulation. Executive Order 12291 lightened the burden of federal regulation by requiring agencies to ensure that all new and existing regulations’ benefits outweighed their costs. This would be an excellent way for the next administration to jumpstart regulatory reform. Wayne also has a multi-part blog series with additional ideas.
Read more about CEI’s regulatory reform work here.
2. Remove obstacles to trade.
Policies that restrict international trade hurt American consumers. Throughout this election season, trade has repeatedly come up in conversations with the presidential candidates. Donald Trump says he would renegotiate NAFTA, while both Trump and Hillary Clinton oppose the Trans-Pacific Partnership (TPP), a new trade agreement that could come up during Congress’ lame-duck session. Aside from appealing to voters who think “our country is getting ripped off” by trade, it’s not clear that either has an affirmative plan for fostering positive relations with our many international trading partners. Preventing people from making good deals through trade is a recipe for economic disaster.
Last month, Ryan Young explained how trade stimulates the economy. First off, countries don’t trade with each other, people do, and American dollars used to purchase goods in other countries, eventually return to the United States to benefit Americans as well.
Read more about CEI’s trade and international work here.
3. Ensure workers’ needs are put first.
To free up job creation and economic growth, Trey Kovacs suggests the next president appoint officials to federal labor agencies that put workers’ and businesses’ needs above politically connected special interests.
Too often labor regulators favor the interests of labor union over workers. In fact, virtually all presidents since Dwight Eisenhower have appointed board members with a predisposition to favor unions or employers to the National Labor Relations Board (NLRB). And over the years, the NLRB and the Department of Labor have finalized a number of rules that disrupt how Americans are allowed to work and do business. This politicization of labor agencies and overregulation has come at workers’ expense. It’s important the next president appoint agency heads that will reverse this pattern.
Read more about CEI’s labor and employment work here.
As the nation readies itself to elect a new leader, we hope that the next president will consider these recommendations on how to remove barriers to more American opportunities and economic growth.