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For years, the Swamp has interfered in the lives of private American citizens by piling regulations on nearly every form of economic activity. This “expert” rule from Washington has created thousands of jobs for bureaucrats while costing everyone else time, money, and—for many—their careers.
Today, President Trump announced more results from his Administration’s historic regulatory relief efforts. The White House Council of Economic Advisers (CEA) estimates that just 20 of the Administration’s deregulatory actions will save U.S. consumers and businesses over $220 billion per year.
What does that mean for your family? According to the CEA, President Trump’s deregulation program is projected to boost household incomes by upwards of $3,100 annually in the years ahead.
These benefits will take many forms: Americans will have access to cheaper cars, and patients will save nearly 10 percent on prescription drugs. Most important, these rollbacks on everyday items will help blue-collar and middle-class Americans significantly more than the richest among us.
Overregulation falls disproportionately on the shoulders of lower-income families, who spend a larger share of their incomes on heavily regulated goods and services. Those purchases include transportation, food, and healthcare. Government labor-market burdens also cost American jobs by causing workers to be replaced with lower-cost machines.
Before taking office, President Trump promised to roll back two regulations for every new one added in Washington. He’s kept that promise—and then some. Under the Trump Administration, nearly eight regulations have been rolled back for each new one implemented.
About $50 billion in regulatory costs has already been saved on President Trump’s watch. By current projections, the CEA estimates that cutting red tape will lead real incomes for Americans to rise by $53 billion per year between 2021 and 2029.
Americans don’t need Washington to create more white-collar jobs for central planners in the bureaucracy. They need a government that operates efficiently, effectively, and inexpensively to protect its citizens while creating jobs for workers across our country.