Government regulation cost the American economy over $2,000,000,000,000 dollars in 2015, according to The Heritage Foundation. Despite President Obama’s rhetoric of fighting for America’s youth, his regulation state has caused immense harm to my generation. It’s about time that we had a President who took this issue seriously, and who backs up his views with more than just rhetoric.
President Trump’s executive order on regulation will require federal agencies to eliminate two existing regulations for every new one that they propose. It also requires “that the total incremental cost of all new regulations, including repealed regulations…shall be no greater than zero.” This is a massive win not only for America, but for my generation.
Excessive government regulation makes it much more expensive, time consuming, and burdensome for employers to hire new workers. With so many recent graduates struggling to find good, well-paying jobs to pay off their student loans, the last thing we need to do is to make it harder for employers to hire and expand their business.
According to the Economic Policy Institute, nearly 20% of the Class of 2016 is either unemployed or underemployed. These rates are even higher for minority and low-income graduates, who often leave school with crushing debt that haunts them for decades. Although excessive regulation is not entirely to blame for this situation, it certainly is a contributing factor that rarely yields a tangible economic or sociological benefit to the American worker.
Regulation also makes it much harder for young entrepreneurs to start their own small business. According to the Small Business Administration, nearly half of all businesses with employees fail within their first five years. This statistic does not include those businesses who were unable to even hire their first employee, which would certainly drive that number much higher.
As someone who has started several small businesses, I know the challenges that an overly regulating government poses. I’ve had to cancel several promising business ideas because the cost of government compliance would have made it impossible to survive. Young entrepreneurs creating the next wave of American ingenuity should not face this.
Many Democrats argue that some regulation is good for the country, and that it actually helps the economy overall. I don’t necessarily disagree with the notion that a very basic level of regulation is healthy for the American economy, and for society at large. But you’re deluding yourself if you believe that forcing a 10-year-old girl to spend $3,500 for a lemonade stand permit is going to help a young entrepreneur start a business.
In the past several decades, the federal government has become so bloated and regulated that we must take drastic steps to reduce this undue burden on the American consumer. Trump’s new executive order is a huge step in the right direction for millennials, and will provide my generation with the ability to achieve our own version of the American Dream.