TRUMPONOMICS: Trump is slowing US economic growth By Robert J. Barro
For some time, the four horsemen of US macroeconomic policymaking have been taxation, regulation, trade, and infrastructure. Having studied the first in detail, I have found tax cuts to be a positive contributor to economic growth. Though I have considered the second area in less detail, the evidence suggests that regulation is, at best, only a minor contributor to growth. The third area is very important, which is why today’s trade tensions are so worrying.
, which tracks the number of words relating to constraints on economic activity in the Federal Register, shows that new regulations have plateaued. The regulatory burden on business and economic activity is no longer rising, but it is not diminishing, either.for the US, which offers a broader measure of government regulation based on an average of ten indicators, show no recent progress.
Trump’s views on tariffs remind me of a speech that Ronald Reagan gave at Stanford’s Hoover Institution before he became president. Reagan argued that tariffs on steel and other goods were justified on national-security grounds. His reasoning, criticised by audience members, wasas Trump’s today. Yet, to justify his tariffs, Trump has gone even further, equating national security with economic security.
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