Regulatory reform boosting the economy
The amazing growth in the United States economy this year can be attributed to a number for factors, including regulatory reform and the Tax Cut and Jobs Act.
Among the signs of a booming economy are the upward revision of the second quarter GDP from 4.1 to 4.2 percent; low unemployment figures and an increase in consumer confidence.
The 4.2 percent GDP, a short time ago, was thought by many economists to be impossible. But it has now been confirmed. Especially benefiting are average income American families, many of whom are experiencing large take home pay increases as well as bonuses and tax cuts.
This has also resulted in boosting consumer confidence. It was just recently announced by The Conference Board, a global, independent business membership and research association, that the Consumer Confidence Index has increased to its highest level since October 2000.
In July, employment rose by 157,000 and the unemployment rate edged down to 3.9 percent. Employment increased in professional and business services, in manufacturing, and in health care and social assistance.
Regulatory reform is no minor factor in this economic boom. Relieving the economy from excessive government red tape is a major factor in the current economic growth.
President Trump has made regulatory reform a hallmark of his administration and it is helping to increase jobs, expanding opportunities for workers and businesses and promoting innovation and entrepreneurship.
Government regulations are especially onerous on small business, the backbone of the economy, and at its worst can bury them in paperwork and seemingly endless red tape.
The regulatory reform agenda, however, targets outdated, duplicative, or overly prescriptive regulations that can stifle innovation. To reverse this trend, for example, the Department of Transportation plans to enable the use of certain routine, small drones without a waiver or exemption.
DOT also plans to seek comment on regulatory barriers to vehicles with full automated driving systems in order to enable innovation while maintaining the safety of our nation’s roadways.
And in commercial development of space exploration, multiple agencies anticipate streamlining and simplifying the licensing of launch and recovery operations.
Regulatory reform and the Job Cut and Tax Act are working wonders for American families, as well as American businesses.