Hillary Clinton promised to continue the Obama legacy if she was elected – and Trump promised just the opposite. To no surprise, after eight years of the Obama presidency, it was a legacy that nobody wanted to see continued.
Among one of the disastrous aspects of Obama’s economic legacy has been his affection for regulation. In November of last year, Obama set a record for adding 572 pages of regulations in one day, the most in a single day ever, and he then closed out 2016 having added 81,640 pages of new regulations overall, the most in any year ever.
The total regulatory cost of Obama’s new regulations alone is over $100 billion – and that’s in addition to the regulatory burden we already suffered prior to his presidency.
Today, he said he’d be cutting up to 75 percent of all regulations.
And that’s not all. Obama’s signature trade deal, the Trans-Pacific Partnership? That’s no more.
As the New York Times reported:
resident Trump formally abandoned the Trans-Pacific Partnership on Monday, pulling away from Asia and scrapping his predecessor’s most significant trade deal on his first full weekday in office, administration officials said.
Mr. Trump sharply criticized the partnership agreement during last year’s campaign, calling it a bad deal for American workers. Although the deal had not been approved by Congress, the decision to withdraw the American signature at the start of Mr. Trump’s administration is a signal that he plans to follow through on promises to take a more aggressive stance against foreign competitors.
In other action on a busy opening day, Mr. Trump ordered a hiring freeze in the federal work force, exempting the military. And he reinstituted limits on nongovernmental organizations that operate overseas and receive American taxpayer money from performing abortions. Republican presidents typically impose those restrictions soon after taking office, and Democratic presidents typically lift them when they take over.
Trump is also expected to put out an executive order today to force Mexico and Canada to renegotiate parts of the North American Free Trade Agreement, which President Bill Clinton signed.
It’s also a Clinton’s legacy that Trump will help undo.