Deregulation Nation: President Trump Cuts Regulations At Record Rate

Cutting Rules: Baseball season is winding down and, as it does, so is another grueling annual event: The U.S. government’s fiscal year. But this year, with just two months to go, something remarkable is happening: Regulations are being slashed at a record rate.

A new report by the American Action Forum (AAF) says that not only is President Trump meeting his deregulation goals, he’s exceeding them — in some cases, by a large amount.

“Collectively, executive agencies subject to regulatory budget remain on pace to double the administration’s overall saving goal,” wrote the AAF’s Dan Bosch. “On an individual basis, 12 of 22 agencies have already met or surpassed their savings target.”

“The Department of Labor enjoys the largest total savings of covered agencies with $417.2 million,” Bosch wrote. “The Department of Health and Human Services comes in second in savings … at $285.6 million. The Department of Transportation ranks third in annualized savings, followed by the Department of Justice.”

All told, the government aimed for savings of about $686.6 million from deregulation so far this year. Right now, the government has saved some $1.308 billion from 47 separate deregulation actions.

This might not sound like much, given the government’s immense size. But it is. Because the economic impact is much larger than the mere dollar amount in regulations cut. And it’s also important because President Trump has set a regulatory budget that limits the number of rules and their costs.

As the Competitive Enterprise Institute noted earlier this year in its “Ten Thousand Commandments” annual report, federal regulations cost a lot more than their stated dollar amount. As of last year, regulation and federal intervention in the economy cost Americans an estimated $1.9 trillion. And that’s one of the lowball estimates out there.

How much is that? It’s the equivalent of a $15,000-per-household tax levied each year in perpetuity. That’s more than the average family spends on food, clothing or transportation. Only housing takes more of the family budget.

Photo: Wikimedia Commons