Average households to see $6600 per year increase when combined with historic tax cuts Council says
WASHINGTON D.C. (Texas Insider Report) Deregulation is one of the cornerstones of President Trumps pro-growth economic policies" said Tomas Philipson as the White House Council of Economic Advisers (CEA) released its most recent report showing household incomes will increase by $3100 per year once the presidents cuts in federal regulations fully take effect.
Between 2001 and 2016 the Federal government added an average of 53 economically significant regulations each year. The Trump Administration has rolled back regulations issued by previous administrations and has also introduced new regulations at a slower rate than previous administrations adding only four economically significant regulations each year.
And when combined with the President Trumps historic tax cuts the average household will receive an increase of more than $6600 per year the Council said.
The Council of Economic Advisers Report released last Friday focused much of its analysis on 20 of the administrations deregulatory actions which it said will save U.S. consumers and businesses approximately $220 billion per year after five to 10 years of implementation.
These deregulatory actions are raising real incomes by increasing competition productivity and wages and by reducing the prices of consumer goods while maintaining regulatory protections for workers public health safety and the environment said the CEAs report.
CEA said that the administrations approach to regulations reduces prices in areas such as health care and telecommunications and also estimates that the portion of Trumps tax law repealing ObamaCares individual mandate will save Americans $28 billion per year.
Robert Weissman president of the advocacy group Public Citizen criticized the report arguing that the administrations actions in the drug-pricing area for example will have only had a trivial impact. This is bad fiction Weissman said.
He also said the report ignored the benefits of regulations.
The Council of Economic Advisers report however said that costs for businesses and prices for American consumers are lowered with the elimination of unnecessary regulations and have a greater impact on consumers pocketbooks and the U.S. economy overall.
The White House Council of Economic Advisers was established by Congress in 1946 and is charged with offering the President objective economic advice on the formulation of both domestic and international economic policy basing its recommendations and analysis on economic research and empirical evidence.