President Trump is signing an executive order to cut the number of regulations standing in the way of America’s economic recovery. The president’s main target in this move is to stimulate the growth in jobs.
The executive order is called Regulatory Relief to Support Economic Recovery. Trump staffers have referred to the move as “the first time in living memory that a president has responded to a national crisis by deregulating instead of grabbing more power.”
According to the Department of Labor, America’s current unemployment figures indicate that 36 million Americans have filed for jobless claims since the start of the coronavirus pandemic. That’s more than the total population of Canada.
“In a few minutes, I will sign an executive order instructing federal agencies to use any and all authority to waive, suspend and eliminate unnecessary regulations that impede economic recovery.”
Trump says he will sign an executive order on deregulation pic.twitter.com/L8pqDtRqbo
— Shakthi Vadakkepat (@v_shakthi) May 19, 2020
The greatest economic crisis in living memory
Goldman Sachs has predicted that American unemployment could peak at 25% this year if there is no broad, New-Deal-style government intervention. Meanwhile, the National Bureau of Economic Research has cautioned that up to 42% of all jobs lost during the pandemic could be permanently lost.
The White House has declared that the executive order on deregulation will instruct federal agencies to seek out and destroy, at least temporarily, any regulations or restrictions possible to “promote job creation and growth.”
In the fine print there are instructions for agencies to identify how many of the 600 regulations already halted for the pandemic should be permanently halted.
“The ability to eliminate these regulations on a temporary basis suggests that many may not have been needed in the first place,” the White House has pointed out.
The order also offers a mini Bill of Rights for small businesses to help them survive the crisis.
The aim is to take power from the federal bureaucracy and give it to the nation’s most dynamic entrepreneurs. That is where growth and solutions to the nation’s problems will come from. The fact that huge swaths of regulations must be canceled in a time of crisis raises the question of whether they are necessary or whether they were impinging upon our freedom.
Won’t have to anymore.. trump just saved the country, and ensured victory in November with that deregulation executive order
— Kris McClain (@krismccowboy) May 20, 2020
Why they hate him: Trump veers off elite playbook
This is an example of why the elite opposition to Trump is so fierce. Usually, the government or other powerful forces within a country manipulate a crisis to centralize more power and expand the bureaucracy. Trump’s free market populism takes the opposite approach, handing that power back to the American people.
Meanwhile, the President continues to remove officials with ties to the corrupt Clinton-Obama cabal that blatantly instrumentalized government agencies like the FBI to prevent their successors from uncovering the breadth of their corruption.