After suffering through eight years of President Barack Obama’s strangling regulations, businesses are starting to see some promised relief from President Donald Trump.
“By every measure, the United States has been sinking into economic mediocrity over the last decade because of excessive regulation,” writes Betsy McCaughey, the former lieutenant governor of New York, in the New York Post. “Government bureaucrats here are choking us with compliance costs. Small businesses get hit hardest, because they lack legal departments and market clout to maneuver around the rules.”
The Obama administration presided over the weakest economic recovery since the Great Depression as it foisted a job-killing healthcare law on businesses and created a poisoning atmosphere of regulatory uncertainty. A Harvard Business School study in 2016 blamed the dysfunctional federal government for making the U.S. less competitive than other countries, according to USA Today.
“When Barack Obama took office in 2009, the United States ranked third among all nations as a place to do business. Since then it has plummeted to eighth, according to the World Bank,” McCaughey says. “Why? Eight years ago, it took 40 days to get a construction permit in the United States. Today, it’s double that.”
McCaughey points to the surging U.S. stock market as an indication that investors are optimistic that Trump will follow through on his pledge to cut taxes and regulation while boosting incentives to create jobs. The Dow Jones Industrial Average has risen 14 percent since Trump won the election with banks rising even more on the possibility of fewer financial regulations.
“Trump is following through: He’s appointing watchdogs for every federal agency to identify and cut any job-killing rules,” McCaughey says. “He has also ordered agencies to dump two regulations for every new one added. And he’s working with congressional Republicans to undo the reams of last-minute regulations Obama added in his final days in office.”
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