If you want to start a business, the World Bank says you’d be better off in Canada than setting up shop here in the United States, where mind-numbing government regulations smother entrepreneurs.
That was true, anyway, before Donald Trump became president. In his address to Congress last week, Trump announced that a “historic effort to massively reduce job-crushing regulations” is under way. In a mere six weeks, Trump and his Republican allies in Congress have rolled back 90 regulations.
And they’re just getting started.
Business leaders are cheering. “Relief is finally on the way,” says Thomas J. Donohue, president of the US Chamber of Commerce.
While the media obsess about Russian conspirators, people who actually make things for a living — whether burgers, bridges or buildings — see that the real story unfolding in Washington, DC, is the unprecedented pace of deregulation. It’s helping to fuel the stock market’s record-shattering optimism. And just in the nick of time.
By every measure, the United States has been sinking into economic mediocrity over the last decade because of excessive regulation.
When Barack Obama took office in 2009, the United States ranked third among all nations as a place to do business. Since then it has plummeted to eighth, according to the World Bank. Why? Eight years ago, it took 40 days to get a construction permit in the United States. Today, it’s double that.