According to a CNBC article, “Trump said over-regulation costs our economy $2 trillion a year and reduces household wealth by $15,000 dollars. A study released in 2010 from the SBA Office of Advocacy came to similar conclusions.” Although unusual for President-elect Trump to use facts based on a neutral organization, when it comes to small business, it’s grea to see our future President advancing the idea of decreased regulation.
While glancing at the McLaughlin-Sherouse List for the most regulated industries in the US, it came as a surprise to learn that the median amount of regulations for an American industry is well over 1,000. This is ridiculous especially when you consider that"since 2009, 180 new federal regulations have been imposed, and they have cost businesses $80 billion.“ This is according to the 2016 Index of Economic Freedom put together by the Wall Street Journal.
Not all regulations are bad mind you, but it must be noted that alot of laws are confusing, contradictory, and revenue restricting. Protecting the environment or employees is fine, but creating 20 and 30 page documents that must be reviewed each month is insane.
As Trump takes office he must lean on his rhetoric and reduce regulations. To start, cutting down paperwork and working with Congress to simplify processes is the first step in an increasingly restricting business environment. Because in the end, the Fishing industry
shouldn’t have 13,218 regulations.