As a conservative and small business owner, I saw the Trump administration as an opportunity to further the economic growth the Obama administration started. I believed that, under Obama, the regulations attributed to banks were a big reason why business loans from established banking institutions were down, causing small business owners to take on riskier alternative loans. I truly thought that the Trump administration would help in this endeavor providing by cutting back on unfriendly regulation and opening up loaning opportunities. While I will admit that loan approval rates are indeed up, they may not have increased because of what you think. For example, under the Trump administration, the government blocked customers ability to file class action lawsuits against banks. With customers having a decreased ability to sue for issues, it makes sense why banks are a bit more willing to grant loans.
While we continue to hear the massive cuts, I think it’s important that we understand what these cuts are, what they mean, and realize that, even under the Obama administration, we were one of the least regulated countries in the world. According to the Harvard Business Review, “the United States already ranks high on the world scale of regulatory freedom. Its score is even better than would be expected, given its GDP. On the Heritage index, the United States ranks fourth out of 131 countries, behind only New Zealand, Denmark, and Australia. According to Cato, it ranks sixth out of 143 countries, with only one OECD country, New Zealand, doing better. Given how lightly regulated the U.S. already is by these measures, it is hard to think that one or two more steps up the regulatory freedom rankings would be transformational.”
In looking for exact regulation cuts, I couldn’t find any concrete specifics on the entire list of cuts. It’s also interesting to note that, when looking for this, the “liberal” media outlets actually tackle specific cuts and explain (or misinform, whatever u believe) why the new regulation cuts are bad for America (in particular when it comes to environmental regulation cuts). When looking for specific examples of regulation cuts in “conservative” media, I honestly couldn’t find any. Everything took a look at the overview of Trump wanting to make historic cuts and how it positively influenced things like economic and small business confidence. But confidence can only take you so far.
I am curious if anyone actually has a list of cuts that explains the benefits and negatives of the cut, because I have not. And this leads me to my final point on small business confidence resulting from zero facts that the economy has actually gotten better due to new legislation. I get that the Obama administration earned the title of regulation monster which caused a lack of confidence for businesses, but despite Trump’s 3% economic growth, outside of large corporations hitting record profits, jobs have not increased, wages have gone up only slightly, and small business have (so far) not benefited from the it. Now a President has four years to get his agenda through and for us to judge him on his complete presidency, but my only point is that, for now, the President cannot be seen as a positive until we can point to specific legislation, policy, or regulation cut backs that have resulted in revenue / job growth (for America, and not just its 1%)