Peter Morici, economist at the University of Maryland, tells Newsmax TV that although President-elect Donald Trump is much smarter than Barack Obama, it will take some time to undo all of the regulatory damage the outgoing command-in-chief has imposed on America during the last eight years.
"I have no doubt that Mr. Trump's a heck of a lot smarter than Barack Obama but Barack Obama had eight years to do this damage so it's going to take a lot of time to undo it," Morici told Bill Tucker on "The Steve Malzberg Show." "Executive orders can generally be reversed but not all," said Morici, who is also a Newsmax Finance Insider.
“Things that are done by executive order can generally be repealed by another executive order. The question is, do you want to leave a complete void or what do you want to put to replace it? In many cases, some regulation is needed, just not as onerous as we have," he explained.
See Steve Mazlberg on Newsmax TV: Tune in beginning at 7 PM EDT to see "The Steve Malzberg Show" — on FiOS 615, YouTube Livestream, Newsmax TV App from any smartphone, NewsmaxTV.com, Roku, Amazon Fire — More Systems Here
"These regulations are spread all over the place, they're terribly complex, they're implemented by all the agencies," he explained.
Instead of various and "laborious processes" to overturn individual regulations, GOP lawmakers might have an ace in the hole.
"If you figure out everything you want, you get to do this once a year, Senate rules permit a reconciliation bill for the budget and anything including dog waking regulations can be made budget related," Morici said.
"But you only can do it do it once, roll it up into in one great big bill, which changes the existing regulations. The Senate can pass it with 51 votes, the president can sign it, and out it goes," he said. "But they have to get their act together and figure it all out and that's not easy. But it can be done," he said.
Morici also said he has been heartened by Trump instigating job growth in the country before he officially takes over the White House. "It's really encouraging to see a president make jobs really important as opposed to just saying we're creating jobs when we're not," he said.
"But we have to keep in mind in order for him to hit his goal, instead of the U.S. economy creating 175,000 (jobs) a month we need more like a quarter of a million to 300,000. So he's going to have a lot of deals like that every month to get us up to full blast. He's really going to have to create a better environment than we've had in the United States of creating jobs."
As for China, he advises Trump to stick to his campaign vow and immediately impose a 45 percent tariff on Chinese exports to the United States. And after that? "My feeling is we have to have a comprehensive list of reforms that we want and if a 45 percent tariff doesn't move them after 90 days then we double it," Morici said.
"We have to stop saying that China is an ally that we need to cultivate. China is a nemesis, it's a problem. My feeling is we need to push China on currency, certainly name them as a manipulator, but we have to push them on a whole range of issues including their investment rules," Morici said.
"We have to push them across the board and put them back in their box. If we just push them on currency they'll push back in other places and create domestic opposition to Trump's policies, of which there is already much," Morici said.
"If you threaten them on currency then they're just going to pick on some American multinationals," he said, referring to China fining General Motors.
"You can't let him get away with that. You have to understand what you're dealing with here. You're dealing with criminals. These guys are basically a dressed-up version of Mr. Putin," Morici said.
(Newsmax wire services contributed to this report).
Peter Morici is an economist and business professor at the University of Maryland, and a national columnist. He tweets @pmorici1 To read more from Morici, CLICK HERE NOW.
© 2023 Newsmax Finance. All rights reserved.