Regulation has been slashed 75% recently!
Amazingly, Donald Trump has been doing exactly what he pledged to do, for this time he has reduced regulation to 25% of its former self! Initially, the Donald has decided he wants to remove two old regulations for every new one added. So what exactly makes this decision by President Trump one of his good decisions? And has he pulled off this heroic outcome by rule of law based means? Or should he have done it differently? Time to dig in!
What Makes This Action Heroic?
Basically, there has been study after study done on this topic. Reason Magazine finds that larger regulatory burden means less prosperity for all. Shockingly, small business suffer worse than big corporations do, which is why Trump is singling out small business for loss of regulations. Nearly $11,000 per worker is paid by small business for annual compliance cost. Bombastically this is in contrast to the $8,000 per worker paid by big corporations in annual compliance cost. As for the ordinary workers like myself, regulation costs the average dude or chick 23% of one’s income. For me, this means I have to fork over $2415 annually, no wonder my net pay is smaller than I often predict it will be week by week!
Should Trump have addressed regulation differently?
According to the US Constitution, he absolutely should have cut regulation differently than he did. Specifically, Article 1 Section 7 declares an official legislative process for the president to follow. Easily, one can summarize the constitutional way to address regulation like this.
- Senator or Houseman proposes bill to amend the constitution to make the rules of supply and demand the only regulations of economy
- Majority of Senators and of Housemen vote Yes on such a 28th Amendment bill
- Unconditional Economic Freedom amendment bill goes to White House
- President Trump signs the voted-for bill to amend the constitution to ban economic regulation
- Merchants and workers like me proser better than ever before in US history