Trump deregulatory actions set the economy free

June 28, 2019, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement in response to the Council of Economic Advisors report on deregulation:

“The tepid and what some would say was a non-existent economic recovery after the financial crisis during the Obama administration was largely due to the regulatory strangling of economic growth. President Trump promised to cut the red tape and unleash our nation’s economy and unlike many of his predecessors, he has kept that promise. A report from the Council of Economic Advisors estimates that the regulatory cuts made by the Trump administration will result in $3,100 savings per year per household savings and a net $220 billion a year savings to the economy.

“It cannot be underestimated how important it has been to break the administrative state notion that regulations are without cost to the American public. Currently, American wages are increasing by 3.1 percent according to the Bureau of Labor Statistics and more Americans are employed today than ever before. The President’s deregulatory agenda has played a real role in creating an economic environment where almost 500,000 new manufacturing jobs could be profitably created. The regulatory changes have decreased the costs of prescription drugs due to the expansion of generic drug competition, and America is moving towards energy dominance and is rapidly becoming the number one producer of oil and natural gas in the world.

“In order to assure that future regulations and even those that have been promulgated in the past are based upon sound science, it is incumbent upon this administration to require that the scientific research underlying all new regulations be both transparent and reproducible. While transparency and reproducibility mirror the scientific method that every school child is taught, it is shocking that regulations costing our economy trillions of dollars are not subject to these basic criteria.”

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