The Biden Administration has left a chaotic mess for President Trump to deal with in his first 100 days. Inflation is still rocking at high levels, with prices for basic goods still running out of control. Almost every single thing Biden did hurt the American economy. Whether it was his attack on American energy production, or the insane number of regulations he imposed on businesses and financial markets, it has put us in a deep hole.
But the good news is that there is a new Sheriff in town, and he is not messing around this time. President Trump has made it clear he will get America back on track by removing and fixing the disaster Biden and his party of Leftist boors created. The Oval Office has been executive order central since Trump took over, and he has a clear path to now reversing the flow.
Biden is not alone in holding the blame though. Former President Barack Obama also shoulders some of the blame, for how he handled the economic crisis and recession in 2010. From there, he imposed various laws, like the Dodd-Frank Act, which added more banking regulations and established new agencies that overreached further.
Economist Vance Ginn says Biden just carried the torch and brought us where we are now.
"He put more restrictions on how much can be lended out by banks, which hurt the smaller banks and credit unions," he says. "That is one thing they should eliminate, is the Dodd-Frank Bill, or at least roll a lot of those regulations back."
Another one of Biden's failed ventures was the Consumer Financial Protection Bureau's (CFPB) regulation that barred medical debt from factoring into credit scores. The idea was it provided consumer protection, it essentially imploded the reliability of credit scores, making it hard for lenders to assess risk, and restrict credit.
But the executive orders do not stop at just regulations. Ginn says Trump also needs to be looking at other areas.
"There are things they should be doing with the Federal Reserve, putting more rules-based policies in place...and when you look at the CFPB, they put out final rules that will hinder people from keeping their data private," he says.
Trump has been fairly mum on the Fed. He says he has considered replacing Fed Chair Jerome Powell, and will work with them on interest rates, but there has been no real motion yet.
While executive orders might take care of a lot of the problem, they cannot solve it all alone. Some actions will take Congressional action, and they need to be pitching in as well.
"They need to help out by rolling back, or ending the CFPB, which is just another layer of regulation," he says.
It is a long road ahead to undo all the damage done by the Biden Administration. But the path is there for President Trump to reverse the bad and do some good.
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