President Donald Trump’s deregulation agenda will result in $3,100 of additional income per American household in 5-10 years, according to a two-year study by the Council of Economic Advisors.
Trump campaigned on a promise to cut through government red tape in Washington and unleash the power of American businesses. In an effort to quantify the benefits of deregulation, the Council of Economic Advisors (CEA) embarked on a study in 2017 using a range of data and tools.
The president ordered the federal agencies to slash two regulations for each new regulation created. As a result, the government executed hundreds of deregulatory actions. The CEA limited its research to 20 of the deregulatory actions, basing its selection on the actions which attracted the most public interest. In total, the 20 actions reviewed would save American taxpayers an estimated $220 billion per year, CEA found.
“Since January 2017, the Trump administration has made a historic effort to reduce costly regulation while protecting workers, and public health, safety, and the environment,” said Casey Mulligan, the Chief Economist at CEA. “Deregulation has been a massive effort. There’s been hundreds of deregulatory actions already in this administration.”
According to Mulligan, prior to Trump taking office, new regulatory actions were subtracting an average of 0.2 percent in income per household every year.