Good morning, friends, and welcome to Wednesday!
Yesterday, we reviewed the rise of the regulatory state, describing how regulations have grown like weeds in the Obama administration and detailing how federal regulations cost American consumers and businesses nearly $2 trillion in 2015.
The costs of onerous, unnecessary regulations aren’t abstract. Instead, such regulations reduce opportunity, lead to layoffs, stifle wage growth, increase prices, and depress economic growth. Taken together with the unchecked regime of Washington regulators, an unwieldy system takes shape that promotes entrenched interests over American families and businesses.
The good news is we don’t have to remain mired in this morass of the regulatory state, and instead can reinvigorate our economy and opportunity.
Yesterday, Speaker Ryan and House Republicans unveiled “A Better Way to Grow Our Economy,” which provides a blueprint for regulatory reform.
To achieve regulatory relief, the plan involves six core ideas: regulate smarter, deliver affordable and reliable energy, end bailouts and promote financial independence, put students and workers first, preserve internet innovation, and crack down on lawsuit abuse.
While I cannot adequately give the blueprint its due in the limited space here, it offers promising a way forward, from requiring congressional approval for rules that would cost more than $100 million to helping more Americans go to college, and from preventing trial lawyers from gaming our legal system to helping more Americans achieve financial independence.
Neil Bradley, CRN’s chief strategy officer, welcomed the plan: “‘A Better Way’ makes clear that there is no single silver bullet to fix decades of government overregulation. Getting our economy and take-home pay growing again requires a broad-based, comprehensive assault on overregulation and abusive lawsuits. Thankfully, ‘A Better Way to Grow Our Economy’ provides a blueprint for reform.”