Trump: ‘Regulatory Rollback’ Unleashed an ‘Economic Miracle’

By Melanie Arter | October 18, 2018 | 8:31pm EDT
President Donald Trump (Screenshot)

( - President Donald Trump said his administration’s efforts to rollback “job-killing regulations” is the reason why the economy has made unprecedented gans recently.

During a cabinet meeting Wednesday, Trump said cutting unnecessary regulations put the country “at a level over the last 15 and 20 years like nobody has ever seen before; more in the last 10 years than we had in every year put together.”

“We have eliminated more regulations than any administration ever -- even though it’s substantially less than two years that we’re here. We're lifting the crushing federal burdens on farmers, ranchers, factory workers, energy producers, and businesses of all types,” he said.

The president also credited the tax cuts and his administration’s trade policies with sparking the economy.



“Along with our massive tax cuts and powerful trade policies, which you’re seeing every day -- the deals we’re making are unprecedented, great deals. This regulatory rollback has helped to unleash an economic miracle: Jobless claims are at their lowest level in more than 50 years. African American, Hispanic American, Asian American unemployment rates have all recently achieved their lowest levels ever recorded,” Trump said.

“And the economic pictures all throughout the country -- literally no matter what aspect of business, finance, economics you’re talking about -- we’re setting records. I can’t think of any category of business where we’re not setting records, unless it’s negative, in which case we’re way, way far away from those records,” he said.

The president also touted news that the United States has regained it place as the world’s most competitive economy.

As previously reported, the 2018 Global Competitiveness Report published by the World Economic Forum stated that “The United States is the closest economy to the frontier, the ideal state, where a country would obtain the perfect score on every component of the index.”

“The World Economic Forum just announced that the United States has reclaimed its place after a long absence as the world’s most competitive economy and country. That’s a great thing to have,” Trump said. He also heralded the end of the war on U.S. energy.

“We’ve also ended the war on American energy. We are now the largest producer of oil and natural gas in the world, and soon I’ll be able to say ‘by far.’ We will be, by far, the largest,” he said.


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