The Obama administration in its final 16 days pushed through regulations at the cost of a staggering $24.8 billion, which translates to a government spending of $155 billion a day. The Trump administration is hard-pressed to deal with Obama's gigantic spending hangover.
The American Action Forum in its new year-end report reveals that in sharp contrast, the last 11 months under the current administration, President Trump, and his team have imposed just $5.8 billion in new regulations, which in turn translates to about $16.8 million a day.
The review was prepared by AAF’s director of regulatory policy, Dan Bosch, and research analyst Dan Goldbeck. The review reads: “The trend of regulatory activity shifted dramatically in 20117 once President Trump assumed the presidency.”
The reviewers also said that the disparity between Obama’s last three weeks of regulatory activity versus the 11 months of Trump’s is most noteworthy. The Trump administration managed to make significant progress in slowing down the growth of the regulatory spending in the remainder of the year, despite substantial new regulatory costs finalized in the dying weeks of the Obama administration.
The reviewers also said the numbers are startling given that of the $30.6 billion in finalized costs last year, the lion share of that came from the $24.8 billion from 38 rules published from January 3-19, 2017 or in the final days of former president Barack Obama in office. During Trump’s full year, the cost came to just $5.8 billion.
Trump was being consistent with his campaign promise then of cutting two regulations for every new one imposed, and that resulted to slashing the costs. By targeting pending Obama regulations, the Trump administration’s ratio of cuts versus new regulations was 16 to 1.
Significantly, the number of “finalized rules” under Trump was the lowest since 2005.