A analysis published on website of the Hoover Institute says the nation’s current economic boom is all thanks to President Trump and only marginally has anything to do with former President Obama.
In fact, Obama’s influence, the article contends, is that he’s gone.
The analysis comes as a Thank Trump Card Campaign gives ordinary Americans a way to thank the president for his record of achievement during his first year in office.
Already, tens of thousands of Americans have participated.
Hoover Institute senior fellow Richard A. Epstein might disappoint Democrats who insist the current economic boom should be credited to Obama. He pointed out that the day after Obama was elected in 2008, “the Dow plunged by almost 500 points.”
However, on the day of Trump’s election – and despite economist Paul Krugman’s dour forecast – the market soared by 250 points.
As it appeared Trump would win, Krugman wrote: “If the question is when markets will recover, a first-pass answer is never.”
Epstein said the difference between Obama and Trump is the impact of “some key policy shifts with respect to key government agencies.”
The Dow Jones average has spiked from about 18,000 at Trump’s election to more than 26,000, setting dozens of records on the way.
“Administrative discretion in the Obama years led to aggressive enforcement of statutes and regulations in banking, civil rights, education, environment, finance, labor, pharmaceuticals, and much more. None of these various sector initiatives can individually have the same global reach as a change in tax or monetary policy. But their cumulative effect does have a huge impact on the overall behavior of private firms,” he wrote.
However, the Trump administration’s “regulatory cutbacks reinforce a global positive perception that no government inspector will come knocking on a firm’s door, demanding to examine documents and interrogate key employees.”
“It takes no congressional action for the Trump administration to ramp down executive enforcement of existing laws and regulations, just as it took no congressional authorization to ratchet up enforcement under Obama. It is, therefore, welcome that Trump officials like Betsy DeVos have not only rescinded some of the worst Obama administration guidelines, such as those concerning Title IX sexual harassment cases, but also have insisted on using a fuller notice and comment system to draft new regulations.”
He cited, as an example, the Dakota Access Pipeline, “a topic on which I have worked as an industry consultant.”
“Compare the Obama administration’s willful obstruction of the approval of the Dakota Access Pipeline with the Trump administration’s approach. The permitting process lets government administrators either speed up or shut down a particular activity. In December 2016, the Army Corps of Engineers had approved the Dakota Access Pipeline, only for the Obama administration to flout the rule of law by overriding the Corps’ technical judgment for nakedly political reasons, ordering a full scale environmental impact statement that could easily have taken years to complete, knowing full well that the billions of dollars already invested in the nearly completed pipeline could quickly go to waste.
“To its great credit, the Trump administration reversed that decision early on by Executive Order, and allowed the standard approval process to run its course without political intervention.”
A year later, he said, “the results are clear to see.”
“The pipeline is up and running without a hitch. Its hefty direct revenues are only part of the overall picture. In addition, the pipeline’s operations have already generated huge environmental benefits by cutting dramatically the amount of oil shipped by rail and truck. Using dedicated facilities in controlled environments to ship crude oil is far safer than transporting it in these mixed-use modes of transportation. Secure and reliable shipment also induces drilling companies to increase their levels of production, knowing that their crude oil can go to market. The higher volume of activity increases the demand for both labor and equipment as new facilities open up in North Dakota.”
He said the decision to open up an essential pipeline facility “generates social gains that go far beyond the direct gains to the owners of the venture.”
“Under the Obama administration, the same process worked in reverse. The decision to block pipeline approval necessarily produced economic stagnation while increasing the level of environmental risk by blocking new and safer technology.”
The economic successes are among nearly 180 accomplishments in Trump’s first year.
To take part in the Thank Trump Card Campaign, as have more than 22,000 others already, simply go to ThankTrump.us to choose one of our 10 unique e-card designs. You can add a personalized message to your card if you wish and then simply click a button to send it electronically to the White House. It’s completely free of charge.
“As President Trump heads into a new year, it’s important he doesn’t lose the courage and boldness that have enabled him to defy the establishment and get so much done for the American people,” said Joseph Farah, CEO of WND and creator of the campaign. “Given all the opposition he faces, it would be too easy for him to surrender to the forces that besiege him.”
The campaign has been endorsed by leading conservatives such as Laura Ingraham and Sean Hannity and covered by news outlets such as Breitbart News and InfoWars.com. The Conservative Tribune is also among the list of promoters.