Deregulation Contributing to Growing Economy
Watertown Public Opinion cited CEI on the cost of regulations.
Trump promised to reduce regulations for small and big businesses. While much has been made of the role tax cuts have played in the recent record growth of the U.S. economy, less has been said about how deregulation has contributed to the economy’s recent success. Part of this lack of attention is because reductions in regulations tend to occur in individual industries as opposed to having the overall effects that tax cuts, and other monetary and fiscal policies have on the economy.
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The administration eliminated 176 regulations in the last fiscal year, which ended Sept. 30. It added only 14. Since the president took office in January 2017, a total of 2,253 pending regulatory actions were delayed or withdrawn.
The Competitive Enterprise Institute, a conservative advocacy group, estimated that last year regulation and federal intervention in the economy cost Americans $1.9 trillion. That comes out to $15,000 a year tax per household. This is more than the typical family spends on food, clothing and transportation.