Over the next 5-10 years, deregulation will lead to $3100 extra income per household according to a new study from the Council of Economic Advisors.
Trump campaigned on a promise to cut through government red tape in Washington and unleash the power of American businesses. In an effort to quantify the benefits of deregulation, the Council of Economic Advisors (CEA) embarked on a study in 2017 using a range of data and tools.
The president ordered the federal agencies to slash two regulations for each new regulation created. As a result, the government executed hundreds of deregulatory actions. The CEA limited its research to 20 of the deregulatory actions, basing its selection on the actions which attracted the most public interest. In total, the 20 actions reviewed would save American taxpayers an estimatedÂ $220 billion per year, CEA found.
â€œSince January 2017, the Trump administration has made a historic effort to reduce costly regulation while protecting workers, and public health, safety, and the environment,â€ said Casey Mulligan, the Chief Economist at CEA. â€œDeregulation has been a massive effort. Thereâ€™s been hundreds of deregulatory actions already in this administration.â€
According to Mulligan, prior to Trump taking office, new regulatory actions were subtracting an average of 0.2 percent in income per household every year.
It is important to recognize that only 20 deregulatory actions were looked at in this study. That means the amount per household will actually be much higher.
They also mention how Trump’s Tax Reform package is helping American families.
American taxpayers will also save money through a deregulatory provision in the Tax Cuts and Jobs Act, which eliminated Obamacareâ€™s individual mandate. That deregulation is expected to save an estimated $28 billion per year.
â€œAs you probably are well aware, deregulation is the cornerstone of the Presidentâ€™s pro-growth economic policies that has been implemented since he took office,â€ saidÂ Tomas Philipson, a member of the CEA. â€œI view todayâ€™s report as an extremely important report in that vein, in showing the economic impact of those deregulatory actions.â€
Don’t let the Media lie to you when they talk about deregulation. Deregulation is the backbone of making a prosperous America and all Americans will feel the effects.
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