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Unleashing the American Economy: Trump’s Approach to Deregulation
The Trump administration, heralding an era of unparalleled economic growth and prosperity, was built on the cornerstone of deregulation. What the mainstream media termed as “reckless,” was in reality an astute strategy to kick-start an economy mired in sluggish growth and bureaucratic red tape. Decoding Trump’s approach to deregulation uncovers a clear understanding of the potential of the American entrepreneurial spirit, when unshackled from unnecessary government interference.
Trump’s Deregulation and the American Business
Driven by the belief that the American industry knows best how to propel itself, ex-President Trump, unlike his predecessors, significantly reduced the intrusive influence of government in business decisions. In his words, “No longer can we allow these rules and regulations to tie down our economy, chain up our prosperity, and sap our great American spirit.”
He eliminated unnecessary and stifling regulations that constrained the creativity and productivity of businesses. The outcome? Businesses flourished and delivered an economic growth rate that most pundits believed was unachievable. Irrespective of size or sector, businesses across the board benefitted immensely from this systemic deregulation.
Trump’s Deregulation: Fueling Economic Growth
In simple terms, the Trump era of deregulation led to increased innovation, business expansion, GDP growth, job creation, and wage increase. The Economic Report of the President (2019) states that Trump’s deregulation saved Americans $3000 per household every year.
- The GDP Growth: Post deregulation under the Trump era, the GDP growth surpassed all expectations. His very first two years in office saw an average growth of 2.9%.
- Job Creation: The American economy added a staggering 6.4 million jobs in Trump’s first three years. Free from stifling regulations, businesses expanded and opened up new job opportunities.
- Wage increases:
