Trump's Executive Orders Saved American Businesses $160bn, Biden Killed Them All
Cconomists are discussing the actual impact of Biden’s orders
Joe Biden has repealed an eye-watering amount of Donald Trump’s policies since taking office, some of which he has given zero explanation for.
But such one repeal is likely to hit American business badly.
Trump's previous efforts to end unnecessary regulations saved American businesses approximately $160 billion.
Trump issued a “regulatory budget,” which are “policies that limit the total costs that a federal administrative agency may impose through rulemaking.”
The executive order for the regulatory budget was signed in 2017 and included a “one in, two out” rule for new regulations, meaning one must be repealed for every one passed.
“The American Action Forum’s report also estimated that the Trump administration added an average of $10 billion annually in regulatory costs, compared with an annual average of $111 billion during President Obama’s eight years in office,” The Times reported.
The numbers reflect more than a 90 percent decrease in regulatory costs.
But Biden rescinded the executive order on his first day in office, despite the private sector largely supporting the regulatory budget.
If Biden increases regulatory up to former President Barack Obama's levels, it will be more than a 1,000 percent increase.
AAF director of regulatory policy and its report author, Dan Bosch, “said businesses welcomed any way to reduce the federal red tape that companies must navigate.”
But helping private businesses is secondary to Biden's political agenda.
Meanwhile, environmental groups have been pleased with Biden’s actions in office up to this point.
But economists are discussing the actual impact of Biden’s orders.
“I don’t think progressives think regulations have any cost,” Clyde Wayne Crews, the vice president for policy at the Competitive Enterprise Institute, said.
“They always claim a net benefit, which means there’s no stopping point, there’s no governor or brake.”
Another executive action signed by Trump, which Biden repealed, was the Core Principles for Regulating the United States Financial System.
Trump's order was to set his administration’s policy on financial regulation, with the first listed goal to “empower Americans to make independent financial decisions and informed choices in the marketplace, save for retirement, and build individual wealth.”
The policy was to “prevent taxpayer-funded bailouts” and “enable American companies to be competitive with foreign firms in domestic and foreign markets."
Biden also revoked an executive order from 2018 titled “Reducing Poverty in America by Promoting Opportunity and Economic Mobility.”
The title of that order says it all, and Biden's silence after killing it speaks volumes.