This is how much overregulation costs your family each year17 July 2020
Article courtesy of The White House
For years, the Swamp has interfered in the lives of private American citizens by piling regulations on nearly every form of economic activity.
This “expert” rule from Washington has created thousands of well-paying jobs for bureaucrats while costing everyone else time, money, and—for many—their careers.
This afternoon, President Trump is announcing more results from his Administration’s historic regulatory relief efforts. The White House Council of Economic Advisers (CEA), for example, estimates that just 20 of the Administration’s deregulatory actions will save U.S. consumers and businesses over $220 billion per year.
What does that mean for your family? According to CEA, President Trump’s deregulation program is projected to boost household incomes by $3,100 annually in the coming years. The benefits will take many forms: Americans will have access to cheaper cars, and patients will save nearly 10 percent on prescription drugs.
Most important, these rollbacks on everyday items will help blue-collar and middle-class Americans significantly more than the richest citizens of our country.
Overregulation falls disproportionately on the shoulders of lower-income families, who spend a larger share of their incomes on heavily regulated goods and services. Those purchases include transportation, food, and healthcare. Such government burdens also cost American jobs by causing workers to be replaced with lower-cost machines.
Before taking office, President Trump promised to roll back two regulations for every new one added in Washington. He’s kept that promise—and more. Under the Trump Administration, seven regulations have been rolled back for each new one implemented.
Under President Trump, $50 billion in regulatory costs has already been saved. By current projections, the CEA estimates that cutting red tape will lead real incomes for Americans to rise by $53 billion per year between 2021 and 2029.
Americans don’t need Washington to create more white-collar jobs for central planners. They need a government that operates efficiently, effectively, and inexpensively to protect citizens while creating jobs for workers across the country.