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Republican presidential nominee Donald Trump delivered a speech on his economic policy plan in Detroit on Monday.
If Trump can accomplish just "one third" what he says, he will go
down in history as one of the greatest President in US history.
Next comes regulatory reform.
As with taxes, I will have one overriding goal when it comes to regulation: I want to keep jobs and wealth in America.
Motor vehicle manufacturing is one of the most heavily regulated industries in the country. The U.S. economy today is 25 percent smaller than it would have been without the surge of regulations since 1980.
It is estimated that current overregulation is costing our economy as much as $2 trillion a year—that’s money taken straight out of cities like yours.
The federal register is now over 80,000 pages long. As The Wall Street Journal noted, President Obama has issued close to 400 new major regulations since taking office, each with a cost to the American economy of $100 million or more.
In 2015 alone, the Obama administration unilaterally issued more than 2,000 new regulations—each a hidden tax on American consumers, and a massive lead weight on the American economy.
It is time to remove the anchor dragging us down.
Upon taking office, I will issue a temporary moratorium on new agency regulations. My running mate, Mike Pence, signed a similar order when he became governor of Indiana. This will give our American companies
the certainty they need to reinvest in our community, get cash off of the sidelines, start hiring for new jobs, and expanding businesses.
I will also immediately cancel all illegal and overreaching executive orders.
Next, I will ask each and every federal agency to prepare a list of all of the regulations they impose on Americans which are not necessary, do not improve public safety, and which needlessly kill jobs. Those regulations will be eliminated.
You want to Reduce needless regulations and cut taxes. There's a good chance that the number of jobs will increase and pay will increase as well.
originally posted by: Chance321
a reply to: Kali74
And so are the hillary supporters. At least Mr Trump has a plan, all I've heard from the hillary side is tax the middle class, tax big business.
When President Reagan entered office in 1981, he faced actually much worse economic problems than President Obama faced in 2009. Three worsening recessions starting in 1969 were about to culminate in the worst of all in 1981-1982, with unemployment soaring into double digits at a peak of 10.8%. At the same time America suffered roaring double-digit inflation, with the CPI registering at 11.3% in 1979 and 13.5% in 1980 (25% in two years).
All of the above was accompanied by double -igit interest rates, with the prime rate peaking at 21.5% in 1980. The poverty rate started increasing in 1978, eventually climbing by an astounding 33%, from 11.4% to 15.2%. A fall in real median family income that began in 1978 snowballed to a decline of almost 10% by 1982. In addition, from 1968 to 1982, the Dow Jones industrial average lost 70% of its real value, reflecting an overall collapse of stocks.
Deregulation, which saved consumers an estimated $100 billion per year in lower prices. Reagan’s first executive order, in fact, eliminated price controls on oil and natural gas. Production soared, and aided by a strong dollar the price of oil declined by more than 50%.
These economic policies amounted to the most successful economic experiment in world history. The Reagan recovery started in official records in November 1982, and lasted 92 months without a recession until July 1990, when the tax increases of the 1990 budget deal killed it. This set a new record for the longest peacetime expansion ever, the previous high in peacetime being 58 months.
In 1984 alone real economic growth boomed by 6.8%, the highest in 50 years. Nearly 20 million new jobs were created during the recovery, increasing U.S. civilian employment by almost 20%. Unemployment fell to 5.3% by 1989.
The shocking rise in inflation during the Nixon and Carter years was reversed. Astoundingly, inflation from 1980 was reduced by more than half by 1982, to 6.2%. It was cut in half again for 1983, to 3.2%, never to be heard from again until recently.
Real per-capita disposable income increased by 18% from 1982 to 1989, meaning the American standard of living increased by almost 20% in just seven years. The poverty rate declined every year from 1984 to 1989, dropping by one-sixth from its peak. The stock market more than tripled in value from 1980 to 1990, a larger increase than in any previous decade.