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Draining: Ripped-up regulations saved taxpayers $1.3 billion this year

(National SentinelDelivering: As a candidate, Donald Trump promised to take a buzzsaw to the mountain of expensive rules and regulations churned out by the thousands of pages for decades by the Washington bureaucratic swamp.

Those regulations all come with costs — to businesses, to consumers, to entire industries — the GOP candidate said, and as such, they ought to go the way of the dodo bird.

Not only has POTUS Trump kept his promise, with the help of his department heads the president has saved taxpayers a small fortune this year along after ripping up regs by the dozens.

The Washington Times reported:

The Trump administration ripped up federal regulations at a record pace this year and saved taxpayers $1.3 billion, double the goal set by the president, according to an American Action Forum analysis.

Casey Mulligan, chief economist of the President Trump’s Council of Economic Advisers, said the budget savings are actually higher because the Obama administration underestimated the cost of its red tape. Government budget scorekeepers use the estimated budget cost at implementation to assess savings from a rollback. The same data were used in the analysis.




“President Trump is not getting rid of all regulations by any means. But some of the most problematic ones, he’s getting rid of them,” Mr. Mulligan said.

Mr. Trump credits deregulation as much if not more than tax cuts with fueling the economic surge.

One of his first moves as president issuing Executive Order 13771 that directed agencies to repeal two regulations for every rule enacted. The new mindset resulted in a larger rollback. By the end of calendar year 2017, agencies nixed 22 regulations for every new rule, according to the White House.

The lifetime savings from nixing those regulations is estimated by the White House to be in the neighborhood of $8 billion.

Mind you, that’s a drop in the bucket compared to the $1.9 trillion it costs the economy to comply with all federal rules and regulations annually. But the president remains committed to chopping that figure down.


 

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