The federal government has been strangling the economy to death, not just under Joe Biden, but for many years, with onerous and unnecessary regulations. The more government gets involved in any private sector industry, the less efficient it becomes, and the less growth and prosperity there is. That is why the Trump administration needs to take a machete to the bloated federal regulation apparatus.
If research from a few years ago is accurate, every single federal regulator can cost up to 138 jobs yearly, and there are hundreds of thousands of regulators. In fact, it is a testament to American entrepreneurs and workers that we still have as many businesses and as much economic output as we do with the government long trying at every turn to make the country into a socialist basket case without innovation or industry. The Founding Fathers severely restricted the federal government in the Constitution, mostly because they were afraid of tyranny, but also because there are very few areas where government can do better than the private sector. If only modern politicians from both parties would understand that.
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Back in 2017, an Auburn University study found the following:
Each $1 million change in the regulatory budget is associated with a change of about four regulator jobs. With our new update, we now find that a 10% cut in the regulatory budget results in a loss of 21,756 regulatory jobs. Given the average jobs impact of 3 million jobs over the five-year horizon, our updated analysis finds that one regulator costs the U.S. economy the equivalent of 138 private sector jobs per year. Each regulator costs the U.S. economy $11 million annually.
In an opinion piece for the Epoch Times Jan. 4, economic expert Peter St. Onge discussed the above study and offered updated numbers. According to him, GDP-adjusted for the present, each federal regulator costs America $16.5 million of economic output annually. The Founding Fathers and the great American entrepreneurs/inventors of a century plus ago would be appalled.
St. Onge is understandably excited for Trump’s new Department of Government Efficiency (DOGE) to come in and, one hopes, slash federal regulation to boost the economy. […]
— Read More: pjmedia.com
