Trump Recently Signed An Executive Order to Eliminate All Federal Regulations. Here’s Why It Will Backfire on Him
There are currently over 100,000 deaths in the USA due to Coronavirus. Over 40 million people have either lost their jobs or have been forced to apply for unemployment insurance. And what does our President do? He issues an executive order to eliminate all federal regulations that were created to protect all American citizens. This is baffling to me and should be investigated immediately by Congress.
Meanwhile, this President doesn’t seem to see the bad side to his decision. Getting rid of regulations will slow down the economy a lot faster than if he hadn’t done so. He’s so obsessed with throwing a news cycle that he steps on his own shadow often. This time it will destroy the one thing he cherishes the most-the economy.
If Osha protection is eliminated, less people may show up to their workplaces
The OSHA laws protect employees of all sectors. This includes gas station employees, restaurant, plant, farm and factory workers. This covers many industries and if there are a shortage of employees working in these places, it could have an adversarial impact on the economy. These businesses do not run on their own and depend heavily on the labor of these workers. If these individuals are absent or fall sick due to catching Coronavirus on the job, these companies go under quickly. The President did not consider this when he issued this executive order, but he will soon learn the consequences come November 3rd.
The economy will crash faster if bad loans are made due to the absence of regulations for financial institutions
Any economist worth a damn will tell you that the U.S. economy will tank immensely if it had bad loans floating around. This is the same reason why the 2008 recession happened. There were bad mortgages that were given to many Americans, negatively affecting the economy for years. Since Trump eliminated financial regulations in his executive order, this will potentially cause many bad loans to be created. Not only will there be bad mortgages but there will be more personal loans that won’t be repaid and go into default. If this happens, many of the U.S. economy’s industry sectors will suffer. And if the real estate market goes to hell, we will see a longer economic recovery than in 2008.
Personal loans are also deregulated under this executive order. The personal loan industry (also known as the "Payday Loan" industry) has already been marked as predatory, especially against African-Americans and Hispanics. Many people that get these loans end up defaulting or quickly fall behind on their payments If the personal loan industry was already full of these flaws, imagine how much destruction deregulating these companies will cause to the economy. It will also destroy many communities, further delaying any chances of an economic recovery this year.
If the USDA have no regulations and food becomes contaminated, there will be major disruption to our food supply chains
The United States Department of Agriculture is an important part of our government because it is in charge of inspecting our foods. This department inspects everything we consume, from meats and produce, to dairy. However, the USDA is no longer required to follow the strict guidelines that have to be followed for food inspections. This can lead to a major contamination of our foods. Death and food poisonings could be on the rise in the months ahead. Mass contamination of our foods can dangerously disrupt our food supply chain.
Supply chains are difficult to re-establish once it is disrupted or altered. Imagine if we can no longer have access to any food because it’s all contaminated? This may sound like an exaggeration but this could definitely happen in the near future. What would be our alternative or back-up plan for getting food out for people to eat?
For whatever reason, the President always shoots himself in the foot. If he wants the economy to come back then opening the door for fraud and corruption will slow down that goal. He is his own worst enemy, and he will see as the months go by, how bad deregulation can be. The economy is already at its worst, with a 50 year high unemployment rate at over 20% and rising. This President has no knowledge of our GDP or any financial factors that affect the American economy. He knows nothing about main street, only Wall Street. But, it’s not all about the stock market, especially since only 30% of our population owns stocks to begin with. Unfortunately, Trump’s malignant narcissistic decision to throw laws out the window will throw his reelection chances over the White House balcony!
© 2020 Melissa Pitts