Though the Trump presidency has butted heads with Republican leadership on many pressing issues, there are two basic tenets upon which Donald Trump and the GOP agree; tax cuts and deregulation. In essence, deregulation has emerged as the path to reduce the size and intrusiveness of the federal government into the lives of its citizens and viability of private businesses.
With regulations accumulating over many decades and no mandated “tried and true” process for reviewing and culling them as appropriate, the nation’s economy has slowed to a crawl. Corporations have vast amounts of stranded capital, employers have been reluctant to expand and add jobs, and entire industries have been placed at risk, all due to the diseconomy incumbent with unreasonable regulations and the pervasive sense of uncertainty that clouds the future.
The Sept. 15 edition of The Week Magazine reported that the printed version of the Federal Register, which records government regulations, hit 97,110 pages during President Obama’s time in office. The Washington Examiner puts the code of federal regulations at a total of more than 175,000 pages. A plethora of state and local regulations accompany the federal regulations.
Obama had a penchant for issuing regulatory edicts that were larger and more sweepingly consequential than from any prior administration. He spent little time plying the legislative process, but instead, relied on executive decrees to extend the reach of the clean air and clean water acts. He expanded the mandatory overtime pay for workers on salaries, which ended up having a negative impact on worker pay.
Obama created the Consumer Financial Protection Bureau, which is being challenged as unconstitutional. The Clean Power Plan will likely be struck down by the courts after forcing billions of dollars in expense on power generating facilities and ultimately on consumers across the country while nearly wiping out the coal industry.
The Democrat-controlled Congress passed the Dodd-Frank financial reform bill in 2010 with good intent; however, the law overreached by micromanaging banks’ balance-sheets rather than by imposing common sense capital standards.