What good has President Trump done?

 

I disapprove of President Trump's tariff economics, as I mentioned. But the President is quietly doing more good than harm by reducing regulations. According to the Whitehouse web site, federal agencies are killing ten old regulations for every new one. 

In his first term, Trump ordered agencies to eliminate two regulations for every new one. They achieved ten this year! Why is that important? 

The National Association of Manufacturers estimate that regulations cost U.S. businesses over $3 trillion every year. That's 12% of gross national product, which is the total income of the country! Wise people, those who know economics, understand that the money could be put to better use. In other words, the real cost of such regulations is the things we give up to pay for them. Can you imagine what we could do with $3 trillion dollars? 

Socialists' knees will automatically jerk and force them to say that such regulations are needed to keep corporations from killing everyone or stealing everything. But regulations don't do what most people think. Google for "regulatory capture." Here's a nice AI summary:

Regulatory capture is when a regulatory agency, intended to act in the public interest, instead advances the commercial or political interests of the industry it is supposed to regulate. This occurs through factors like information asymmetry, the "revolving door" between industry and government, and lobbying, which can lead to regulations that favor the industry over the public. The result is a form of government failure where the agency prioritizes industry benefits and loses public trust and effectiveness. These are methods corporations use to capture regulators:

Information Asymmetry: Regulators often depend on the industry for technical and operational information, creating an imbalance of knowledge that the industry can exploit.

The "Revolving Door": Individuals frequently move between jobs in the industry and the regulatory agency, creating conflicts of interest and a desire among regulators to favor the industry for future employment.

Lobbying and Political Pressure: Well-funded industries use lobbying, campaign contributions, and other political pressures to influence the rules and policies in their favor.

Complexity and Expertise: The complexity of some industries can give them an advantage, as they are often the only ones with the necessary technical expertise to help shape regulations.

Cultural Capture: Board members may develop a shared culture and perspective with the industry, making them less likely to be confrontational, even when it's in the public interest. 

So while socialists praise regulatory agencies and pretend they police corporations, the reality is that regulators and corporations only pretend to fight each other. They are old drinking buddies after hours! Corporations write most regulations to kill competition from smaller firms. That's why most industries in the U.S. are oligopolies in economics speak, or cartels in English. Adam Smith warned that government regulations merely provide cover for frauds and that politicians are easily and cheaply bought by businessmen. But no one listens. 

The only regulation the Bible authorizes the government to enforce is "Thou shalt not steal." The Torah has many examples of theft, including unjust weights and measures. It's the only regulation that businesses need. Any others lead to greater corruption because politicians exist to sell their power to the highest bidder. The only solution is to take away their power. 

The command "Thou shalt not steal" highlights another evil of regulations: they're theft. Consider what property involves. Property is not just a paper title. It's the control and use of something. It's the freedom to buy, use and dispose of something without interference from the government as long as the owner isn't stealing or committing fraud. 

James Ely in The Guardian of Every Other Right: A Constitutional History of Property Rights thinks Thomas Jefferson changed the rights to life, liberty and property to life, liberty and happiness to include in the meaning of property the rights to buy, sell and use what one owns. If someone else controls the property, as fascism did, people no longer have property. That's why fascism is the most insidious form of socialism. It fools gullible people into thinking they have property because the state leaves them with the paper title, but the government controls the property. 

Think about rent. When the owner of a house decides to rent it, he gives up some of his property rights, especially the right of using it. In exchange, he gets paid rent. The renter buys the rights to use the property. Government regulations make the state a renter, but the owners get no compensation for giving up their property. 

And President Trump is helping to restore property rights another way, through his appointment of federal judges. Trump has so far appointed 246 judges and will appoint many more in the next three years. Those judges will be crucial to restoring property rights that socialist judges have destroyed over the past century. 

President Trump is restoring property rights by reducing government regulations and appointing conservative judges. And as Ely points out, property is the guardian of every other right, including religious freedom.