White House

Eric Bolling: Let's 'Trump-start' the economy (and don't be shy, Mr. President)

Has everyone noticed the great news on the job front? According to the Bureau of Labor Statistics 222,000 jobs were added to the United States economy in June. Get this, there are a record number of Americans now employed!

The number of 153 million employed breaks an all-time high for employment! Not to mention the masses returning to the labor markets as evidenced by the labor participation data. This is all positive news to the new Trump-American economy.

Those new jobs -- and the steady rise of the stock market -- are two strong indicators that President Trump is succeeding in his goal to revive our economy from years of sub-par growth.

But there’s much more to be done to unlock America’s full potential, and restore us as the world’s most productive, innovative, and opportunity-rich nation. Bluntly, we need to stop accepting 2 percent growth as the new norm, and get back to 4-5 percent growth for our Gross Domestic Product.

We must believe in America and our ingenuity. We have the people, the knowledge and ambition, now we need Trump to unleash the tiger -- by aggressively rolling back the regulatory environment President Obama embraced. The Obama regulatory environment hangs like a noose around entrepreneurs and business owners necks.

The key word here is: “unlock.”  President Trump can unlock our businesses (from international corporations to mom-and-pop storefronts) by swiftly cutting back on the crushing thicket of new regulations that were inflicted upon American companies, entrepreneurs, and workers by eight years of the disastrous Obama administration.

Here is a fact: The National Association of Manufacturers estimates that regulation costs the U.S. economy as much as $2 trillion each year, and the Heritage Foundation estimates that new regulations added under Obama alone cost the economy $100 billion per year. The Code of Federal Regulations is over 170,000 pages long. No economy can function efficiently, never mind grow, under such a burden. 

The overall effect has been to diminish not only the economy’s growth, but the individual wealth of each and every adult citizen, the same people who pay more in taxes, and suffer under the burden of higher health care costs, and higher fees for basic services every year but whose wages have not increased at the same rate.

What would we do with that lost $2 trillion? How about pay down the federal debt -- and the interest on that debt -- which exploded under Barack Obama?   

Or understand that the $2 trillion saved would put money back into the pockets of every American… We would also see substantial increases in household net worth. And that money would further work for us by flowing back into the economy in the form of spending, investing, and new business creation. 

How about investing some of it in infrastructure, and in turn creating hundreds of thousands of new jobs that cannot be exported

How about reducing taxes for the middle class and working class, most of whom don’t have a dime left over after paying their monthly bills? These are American who could really use a cushion!

The government has no role in picking winners and losers; the free market will dictate that decision every time. 

If a company’s products don’t function, if a restaurant’s food isn’t tasty or its restrooms aren’t clean, if a “service” turns out to be a scam, customers will walk down the street or Google someone else and those businesses will fail. But if we over-regulate, only the biggest businesses with the deepest pockets and most lawyers will survive; start-ups and small businesses don’t have the resources to mitigate the effects of over-regulation, so even if their products or services are good enough, they can’t get off the ground and begin to find a market.  Nor can they relocate overseas, as so many major companies have done, to the detriment of the US economy. Democrats have made it a habit to overregulate everything within their sight. It is time to put an end to those days.

President Trump has mandated that for every new federal regulation created, two must be discarded. That’s a good start.  But to really unlock the economy, it’s time to let businesses function as businesses again—in a truly free market economy, competing fairly, and continuously innovating—without having to contend with the immense mountain of regulations that stifle new ideas and restrain our growth. 

Two percent a year in GDP doesn’t cut it; it’s time to get back on track toward 4 percent or even 5 percent annual growth. 

It’s not an unreasonable number and we have been at those levels before. We can do it again! 

If President Trump can accomplish that goal, we’ll see jobs, wages, and new business creation return America to the top of the world’s economies and greatness!

Dare to deregulate, President Trump. Continue what you’ve started!