Giving an update on the state of President Trump’s deregulatory efforts Thursday, Office of Management and Budget director Mick Mulvaney announced that the administration has blasted past its deregulatory goal.
“If you remember the president issued an executive order, I think back in January or February of last year. It said that we had to get rid of two old regs for every new one rule or regulation,” Mulvaney said.
“The update is here today, and the results are in — and it’s 22-to-1!”
Today @POTUS delivered on his promise to eliminate two existing regulations for each new one created. I’m happy to announce we blew it out of the water with a 22-to-1 ratio!#CutTheRedTape @OMBPress pic.twitter.com/up6g6IW844
— Mick Mulvaney (@MickMulvaneyOMB) December 14, 2017
“That’s just what you get with Donald Trump as president. He sets a goal at two and we hit 22, it’s fantastic,” Mulvaney said.
The OMB estimated in 2016 that the annual cost of 129 major regulations from 2005 and 2015 was between $74 billion and $110 billion. The American regulatory regime is costly for the government to enforce and stifles economic growth.
As the Competitive Enterprise Institute reported: “If regulatory burdens had remained constant since 1980, according to the [Mercatus Center] report, the 2012 U.S. economy would have been 25 percent larger. Put another way, during that time, the economy grew by at least $4 trillion less each year than it could have.”
This is one kept promise every American can be happy about.
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Chris Pandolfo is a staff writer and type-shouter for Conservative Review. He holds a B.A. in politics and economics from Hillsdale College. His interests are conservative political philosophy, the American founding, and progressive rock. Follow him on Twitter for doom-saying and great album recommendations @ChrisCPandolfo.
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