President Joe Biden has unleashed the regulatory Leviathan.
Biden also issued an executive order that, as we pointed out on Jan. 29, 2021, was the worst of them all.
Biden changed the review process to instead be "a tool to affirmatively promote regulations" and "To ensure swift and effective federal action" on everything from the pandemic, to the economy, to racial inequality, to the "Undeniable reality and accelerating threat of climate change."
Biden further revised it to "Fully account for regulatory benefits that are difficult or impossible to quantify, and [avoid] harmful anti-regulatory or deregulatory effects."
Long-term investments become problematic if you don't know what the rules will be down the road. This is one big reason why energy production has never recovered after the pandemic - the oil and gas industry has no idea what lies ahead. So, as Biden's regulators descend upon the land, the economy will - as it was throughout Barack Obama's eight years - be on a long and dreary slog.
Biden's regulatory zeal will probably ramp up if Republicans win big in November, since his legislative agenda will be caput.
Lawmakers can send sensible regulatory reform bills to Biden's desk and force his veto.
https://issuesinsights.com/2022/10/26/the-economy-will-never-prosper-under-biden-heres-why/
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