Letting Business Do Business: Trump Eases Regulations
The Washington Post is reporting that the Trump administration is loosening regulations that have been hindering business. Certain burdensome regulations tie the hands of business and prevent them from earning significant profits. During the 2016 campaign, the president promised to make it easier for businesses to thrive in the United States. By reducing regulation, he is living up to that promise.
One of those regulations that have hindered business is when the Ex-President Barack Obama added the rusty bumble bee to the endangered species list. However, there were some serious objections to such actions.
If the (rusty bumble) bee is declared endangered, farmers in parts of Wisconsin, Illinois, and Minnesota would be subject to severe penalties for killing or harming the insects through ‘normal farming operations’ such as plowing and pesticide use. (Ryan Yates from the American Farm Bureau)
Fortunate for the farmers, Trump has decided to delay that action until March 21. This will give them more time to reevaluate the listing and help the farmers make the necessary accommodations if the administration rules that the listing is justified. Of course, no one wants the rusty bumble bee to go extinct but the government must take into account the financial impact of any new regulation.
Back in November, the EPA requested oil and gas companies to gauge their emissions of methane within 60 or 180 days. According to Matthew Hite from the GPA Midstream Association stated that “complying would cost each (gas and oil) processor nearly $3 million.” Such requests hurt the industry and has a negative impact on business operations.
Coming in to the save the day, the Trump administration has been giving companies 90-day extensions. By doing so, that will reduce the strain of having to calculate their emissions in such a short amount of time. Of course, these businesses are very grateful to the president for relaxing the EPA’s request.
Overregulation has stemmed economic growth and job creation. Making sure government rules are meeting their intent and not stifling job creation at the expense of whatever they were intended to do is something that should be smart and welcome by everybody. (White House press secretary Sean Spicer)
Spicer is expressing the deeply held sentiments of this administration which is very suspicious of government regulation and holds the belief that too much government regulation stifles the American economy and prohibits the start of new businesses as well.
According to the Heritage Foundation, government tape costed American businesses 100 billion dollars in 2016. Imagine what that 100 billion dollars could have done if it was invested in new jobs and expanding the economy instead of wasting it on compliance measures. Of course, regulations are necessary when it comes down to insuring safety and protecting the consumer but many of them are extremely unnecessary and are implemented for ulterior motives that have nothing to do with either safety or consumer protection.
Having prior experience as a successful businessman, President Trump understands how such regulations are a disincentive to business.
You have regulation on top of regulation and new companies cannot form and old companies are going out business. (President Donald Trump)
For the last couple of years, the American economy has been stagnant and job growth has been anemic. However by tackling burdensome regulation, President Trump is showing that he is committed to expanding the economy.
Certain business experts have expressed that Trump’s economic plan would most likely revitalize the economy.
It looks like (Donald) Trump’s plan has the potential to actually move the needle on economic growth because he wants to lower taxes and lower regulations. That would be very powerful in terms of creating jobs. (Maria Bartiromo of Fox Business Network)
Therefore, deregulation along with lower taxation by the Trump administration will improve the American economy and allow businesses to do business.