Congress’ Inaction on Trump’s Agenda Costs America Nearly 1,000 Jobs Per Day

By Edwin J. Feulner, President of The Heritage Foundation

“Drain the swamp!” It was the battle cry of Donald Trump’s presidential campaign.

Many Republican members of Congress echoed that call as well, riding it to victory—and control of both legislative chambers.

The American people rallied around the cry because it reinforced their impression of what Washington had become: a swamp infested with special-interest groups and power-hungry bureaucrats.

They rallied, too, because it held the promise of getting our country back on track—by reforming the tax code, repealing Obamacare, cutting spending, and eliminating the needless red tape that stifles entrepreneurship and innovation.

But more than five months into the new Congress and the new administration, precious little draining has occurred. The delay in action is not only frustrating, it’s expensive: With the promised reforms, the U.S. could have created as much as $5 billion per day in economic output. If nothing changes, the swamp will end up costing more than 2 million prospective jobs over the next decade.

Elites argue that piles of regulations and special rules keep everyone safe. But most Americans understand that these policies serve mainly to enrich special interests and keep upstart entrepreneurs from gaining a foothold.

All the regulation keeps new businesses from offering innovative goods and services at lower prices.

All too often, these regulatory schemes not only fail to protect consumers—they create huge problems, like financial crises and housing busts. And then the elites point to the problems as proof of the need for even further governmental intervention.

The bailouts lead to new programs and federal agencies and, of course, even more rules.

But most Americans don’t want more government. Rather, they want relief from big government so that they can make their own decisions and improve their own communities.

There is plenty of evidence that people thrive more under limited government than under a vastly more intrusive government.

Had the U.S. economy simply stayed on the same trend during the Obama years that it had followed over the previous 25 years, gross domestic product per person would be nearly 10 percent higher than it is now.

Instead, after years of ever-expanding government control and regulation, the economy dropped off a cliff in 2008.

Just getting back on the previous trend would be great, but Americans can do much better. At least three major reforms are now possible that can unleash the power of the American economy.

Repeal Obamacare: A study by the National Center for Policy Analysis estimates that repealing Obamacare would provide a boost to real GDP of more than 1 percent per year over the next decade.

Based on these projections, personal income would increase by hundreds of billions annually, and the economy would add nearly 1 million jobs by the end of the decade.

A simple division by the number of days suggests that the cost of inaction is nearly $500 million per day in lost output. In terms of jobs, this could translate into as many as 250 lost jobs per day (a relatively small number unless one of those jobs is yours).

• Shrink Regulation: Admittedly, this is a herculean task. The federal government has been burdening people with innovation-killing rules for decades, and it is difficult to estimate the economic effects of a broad deregulation effort.

Two Heritage Foundation scholars have estimated the economic impact of reducing just one of the likely effects of Dodd-Frank: excess borrowing costs.

Their study projects that removing these excess costs would grow the GDP by more than 1 percent per year for the next decade, and boost capital stock by nearly 3 percent per year. Inaction on Dodd-Frank costs another $500 million per day.

• Reform the Tax Code: Estimates of tax reform benefits vary widely because there are so many ways to improve the U.S. tax system, but several plans are currently taking shape.

The Tax Foundation studied the House Republican plan and found that it would increase the long-run size of the economy (in terms of GDP) by more than 9 percent. It also projected that the Rubio-Lee plan would grow the economy by 15 percent over the long run.

Trump’s plan is not fully detailed yet, but a decent guess is that the benefits would be somewhere near these projections.

The increase in jobs, wages, and wealth from growing the economy through these types of tax reforms would be enormous. The cost of waiting on just tax reform can be conservatively estimated as approaching $2 billion per day in lost output.

Repealing Obamacare, rolling back the regulatory state, and implementing pro-growth tax reform would be a big shot in the arm to the U.S. economy. Over the next decade, the cumulative effect of making just those three reforms could boost GDP anywhere from $8 trillion to $18 trillion.

That translates to a cost of between roughly $2 billion and $5 billion for each day that Americans are denied these reforms. In terms of lost jobs, waiting costs nearly 1,000 jobs per day.

Some have said that because any legislative action taken this year wouldn’t take effect until at least Jan. 1, 2018, it doesn’t matter if it happens now or in September. False: The sooner investors and entrepreneurs can see the changes on the horizon, the quicker they can begin taking actions that benefit the economy.

A filled swamp is expensive to maintain. The American people are waiting for Congress to drain it. And they should expect their elected representatives to stay in Washington and make the real changes they were elected to do.

*Originally published in The Washington Times, click here.


View Article

What the CBO Score Means for the Senate Health Care Bill

By Drew Gonshorowski, Senior Policy Analyst, Simulations The Congressional Budget Office (CBO) released its score on…

Undoing the CFPB’s Damage: The Trump Administration’s Options Are Limited

By Norbert Michel, Heritage Foundation Financial Regulations Expert Representation, rule of law, and separation of…

It’s Time to Rethink Flood Insurance

Flood insurance fights are brewing in the House of Representatives. Late this September, the National…

It’s Time to Rethink Flood Insurance

Flood insurance fights are brewing in the House of Representatives. Late this September, the National Flood Insurance Program (NFIP) comes up for reauthorization, giving Congress an opportunity to overhaul this broken, inefficient, and unfair program. Since its founding in 1968, the NFIP has subsided a significant amount of property in…

Read

GOP Wants to Pay for Tax Cuts with a Tax Increase

Last week House Speaker Paul Ryan assured the country that tax reform is still coming despite uncertainty surrounding the repeal and replace of Obamacare. Speaker Ryan’s speech focused on the House GOP’s broad vision for tax reform to lower rates, close loopholes, get rid of special interest deductions, and “simplify things to…

Read

If Congress Is Serious About Tax Reform, It Should Stop Passing Bills Like This

By Adam Michel, Heritage Foundation Policy Analyst House Speaker Paul Ryan doubled down earlier this month on getting tax reform done by the end of the year. He said he hopes to put a tax bill on President Donald Trump’s desk by “deer season”—Nov. 18 for those who aren’t familiar.…

Read

New Study Finds Americans Don’t Mind Lower Government Spending Due to Tax Cuts

By Elizabeth Fender, Market Research Associate at The Heritage Foundation & Adam Michel, Heritage Foundation Policy Analyst America’s tax code is horribly out of date. Thankfully, Congress and the president have outlined plans for updating the tax code and cutting Americans’ taxes. The public strongly supports this agenda. A recent study by The Heritage Foundation’s…

Read

Conservative Spotlight: Heritage Action For America

Watch below as Heritage Action's VP Dan Holler joins The Daily Signal to discuss the Senate's health care bill. https://www.facebook.com/TheDailySignalNews/videos/872195316279755/…

Read

The Senate Health Care Bill Misses a Key Opportunity. Here’s What Should Be Done.

By Edmund Haislmaier, Heritage Foundation Health Care Policy Expert,  Robert Moffit, Heritage Foundation Senior Fellow in Health Policy Studies, & Marie Fishpaw, Director of Domestic Policy Studies at The Heritage Foundation's Institute for Family, Community, and Opportunity. While the ongoing congressional effort to reform health care is falling short of…

Read

4 Conservative Senators Say They Can’t Vote for GOP’s Draft Health Care Bill

By Rachel del Guidice, Reporter for The Daily Signal Four conservative senators promptly said they can’t support the draft of a health care bill released Thursday by the Senate’s Republican leadership as a cure for Obamacare. “Currently, for a variety of reasons, we are not ready to vote for this bill,…

Read

Heritage Action Supports Rep. Garret Graves’ Supplemental Nutrition Assistance Program Reform Act Of 2017

This week, Rep. Garret Graves (R-LA) introduced the Supplemental Nutrition Assistance Program (SNAP) Reform Act of 2017 (H.R. 2996). This legislation would help reduce poverty and government dependency, increase self-sufficiency, and restore families by strengthening the effective and popular work requirements for all “able-bodied adults without dependents” (ABAWDs) who receive food stamps…

Read

How the Senate Can Begin to Undo the Damage of Obamacare

By Edmund Haislmaier, Heritage Foundation Health Care Policy Expert The Senate plans to release a draft of its counterpart to the House-passed American Health Care Act Thursday. The House bill contains a number of sound proposals to begin to reverse the damage Obamacare caused. These include a major reform of federal…

Read

Heritage Action To Review Senate’s Obamacare Bill

Washington — Senate Republicans are expected to unveil a “discussion draft” of significant changes to the House-passed American Health Care Act (H.R. 1628). Senate Majority Leader Mitch McConnell (R-KY) says the bill “dramatically changes the current health care law.” Heritage Action released the following statement from chief executive officer Michael A.…

Read

To Reduce Health Insurance Premiums, Congress Must Return Regulatory Authority to States

By Robert Moffit, Heritage Foundation Senior Fellow in Health Policy Studies Obamacare drove up health care costs by imposing federal mandates on health insurance. The House-passed American Health Care Act (AHCA) repeals some of these mandates and proposes to waive others. As the Senate considers the legislation, it should seek…

Read

Welfare Currently Punishes Work and Marriage. This Bill Would End That.

By Senator Mike Lee (R-UT) There is much to celebrate in America today. Americans are, on average, wealthier, healthier, and better educated than we ever have been. We’ve made huge strides in civil rights and racial equality. And we have access to technology that would have awed past generations. But…

Read

Video: 3 Tips for Discussing Obamacare

By Beverly Halberg, President of District Media Group Americans love coffee, and they love to customize it. Me, I’m a medium, one Splenda, soy latte kind of girl. Choice is a good thing, and it’s one of the things that make America, well, America. Yet sadly, if you stand up for…

Read

The Trump Administration Should Not Rest While Waiting For Congress to Cut Dodd-Frank

By Norbert Michel, Heritage Foundation Financial Regulations Expert Shortly after his inauguration, President Trump pledged that his Administration would “be cutting a lot out of Dodd-Frank.” He then signed an executive order making it the official policy of the Trump administration to regulate the United States financial system in a manner…

Read

What the Treasury’s New Recommendations Would Mean for Financial Reform

By Norbert Michel, Heritage Foundation Financial Regulations Expert This week, in response to President Donald Trump’s February executive order, the U.S. Treasury released the first in a series of reports examining the U.S. financial regulatory system. The report identifies policies that would improve federal financial regulation in a manner consistent with the Trump…

Read

Real Estate Professional Legislative Strategy Call 06/15/17

Yesterday, conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call, we heard from Heritage Action's Wesley Coopersmith, Policy Manager, and Matt Lauer, Grassroots Director.  Wesley walked through updates on the Financial CHOICE Act, the amended American Health Care Act, and tax reform. Matt provided action items…

Read

Trump says the House health-care bill is ‘mean.’ He’s wrong.

By Michael A. Needham, Heritage Action for America CEO Anyone who thinks real compassion is found in a federal government program hasn’t spent much time at the post office. That’s the central insight motivating the inclusion of the state waiver from the Obamacare program in the House-passed American Health Care Act.…

Read

The CHOICE Act: Prosperity Wins, Cronyism Loses

By Danielle DiQuattro When Alexis de Tocqueville visited the United States, he praised American equality and democracy, as opposed to the aristocracy of his home country, France. He saw that the American Dream was grounded in the principle of equal opportunity for all. Dodd-Frank, in the wake of the 2008…

Read

U.S. Senate Should Strengthen, Not Undermine Obamacare Repeal Efforts

As Senate Republicans continue to negotiate changes to the House passed American Health Care Act (AHCA), conservatives must insist on repealing as much of Obamacare as possible. Contrary to what some elected officials may believe, repealing Obamacare is not “too harsh,” but rather a necessary first step to fix our…

Read

Phased-In Border Adjustment Tax Plan Is A Non-Starter

Washington — According to reports, House Ways and Means Committee Chairman Kevin Brady (R-TX) “floated a five-year phase-in to his controversial ‘border adjustment’ idea on Tuesday in a bid to blunt mounting opposition to the concept.” Heritage Action released the following statement from chief executive officer Michael A. Needham: “Phasing…

Read

Video: Principles for Tax Reform: A Conversation with the House Freedom Caucus

Watch as members of the influential House Freedom Caucus lay out their principles for tax reform and the path forward in the 115th Congress. https://www.facebook.com/heritagefoundation/videos/10155382490189481/…

Read

Video: What Happened When These Counties Added Work Requirements

Food stamp participation fell by 85% after this simple reform was put in place in 13 Alabama counties. https://www.facebook.com/TheDailySignalNews/videos/863781147121172/…

Read

This Key Reform Must Be Central to Any New Tax Plan

By Salim Furth, Heritage Foundation Research Fellow in Macroeconomics & Adam Michel, Heritage Foundation Policy Analyst As Congress and the president move toward consensus on tax reform, one key reform should remain the centerpiece of any plan that moves forward: making investment expenses tax-deductible. When conservatives discuss corporate tax reform,…

Read

America Waits on the Senate for Financial Reforms

By Norbert Michel, Heritage Foundation Financial Regulations Expert Thursday, after years of work, the U.S. House of Representatives passed the Financial CHOICE Act. Members of the House Financial Services Committee, Chairman Jeb Hensarling (R-Texas), and his staff, should be congratulated for crafting the first piece of legislation to include serious financial…

Read

House Conservatives Ready to ‘Go Big’ on Tax Reform That Includes Welfare Reform

By Fred Lucas, White House Correspondent for The Daily Signal The House Freedom Caucus wants to “go big” on a tax reform package to include welfare reforms, but likely wouldn’t include a tax on imports, or a border adjustment tax. “There is not consensus for the border adjustment tax,” Rep. Mark…

Read

New Data Show That Ignorance of US Tax Policy Fuels Leftward Sentiments

By Elizabeth Fender, Market Research Associate at The Heritage Foundation. With federal Tax Day now here, taxes have been on many people’s minds and have featured in a few recent public opinion studies. A study released by Gallup this week found that Americans are more likely to say the income…

Read

Congress Should Leave the Border Adjustment Tax Behind

By Adam Michel, Policy Analyst at The Heritage Foundation BAT, RIP? That’s what some people are claiming. And with good reason. The border adjustment tax (BAT), a controversial proposal to remake the corporate income tax, has divided prominent economists, tax experts, and industry groups. It’s time to move past the…

Read

‘Too Big to Fail’ Has Been Damaging for America. This Bill Will Finally End It.

By Tim Chapman, Heritage Action COO It has been a long time coming for the Financial CHOICE Act. This bill, which will pass the House on Thursday, is the culmination of an idea that has germinated across the country since the disastrous market crash of the late 2000s and the…

Read

Trump’s Labor Secretary Is About to Violate the President’s Agenda. Why He Should Delay This Obama-Era Rule.

By Norbert Michel, Heritage Foundation Financial Regulations Expert A costly and burdensome rule issued by the Obama administration is set to go into effect Friday, barring action from the Department of Labor to delay it. Unfortunately, the new secretary of labor isn’t acting. Instead, he is tacitly undermining the president’s agenda…

Read

Community Banks Not Wall Street Will Benefit From Dodd-Frank Repeal

Last month the Congressional Budget Office (CBO) released its report on the Financial CHOICE Act, which the House will vote on later this week. The CHOICE Act repeals major provisions of the law largely responsible for the country's sluggish economic recovery. Ever since Chairman Jeb Hensarling (R-TX) introduced the bill…

Read

Congress Should Reduce Federal Farm Aid

By Daren Bakst, Heritage Foundation Research Fellow in Agricultural Policy Imagine an industry coming to Congress asking to have taxpayers provide them financial support whenever they aren’t meeting expected revenue targets. It would be laughable. Yet this describes the current farm handout system. President Trump’s budget took an important step to address this…

Read

4 Reasons Trump Was Right to Pull Out of the Paris Agreement

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy &  Katie Tubb, Heritage Foundation Policy Analyst for the Thomas A. Roe Institute for Economic Policy Studies President Donald Trump has fulfilled a key campaign pledge, announcing that the U.S. will withdraw from the Paris climate agreement. The Paris…

Read

Video: Leaving Paris Climate Agreement

Watch the video below for three reasons why President Trump was right to withdraw the United States from the Paris Climate Agreement. https://www.facebook.com/heritagefoundation/videos/10155356596729481/…

Read

Video: President Donald J. Trump​’s 5 Best Quotes from the Paris Agreement Announcement

Watch the video below to see President Trump's best quotes as he fulfilled a major campaign promise to exit the Paris Climate Agreement. https://www.facebook.com/TheDailySignalNews/videos/857699934395960/…

Read

President Trump Rejects Obama’s Climate Agenda, Exits Paris Agreement

Washington – President Trump is set to announce his decision to withdraw from the Paris climate agreement today, following through on a key campaign promise. Heritage Action released the following statement from chief executive officer Michael A. Needham: “President Trump’s decision to pull out of the Paris Agreement is the right course…

Read

How America Can Get Its Fiscal House in Order

By Romina Boccia, Deputy Director of the Roe Institute for Economic Policy Studies at The Heritage Foundation The United States is on a dangerous spending path. Congress and the Trump administration must work together to put the budget on a path to balance and restore economic growth and opportunity for Americans.…

Read

Heritage Action Supports Rep. Phil Roe’s Employee Rights Act

This month, Rep. Phil Roe (R-Tenn.) introduced the Employee Rights Act (H.R. 2723). This legislation would protect workers from union pressure by putting power in the hands of employees and making union leaders more accountable to their members. As the Heritage Foundation notes, if union bosses “were angels, such changes…

Read

Congress Should Repeal the Durbin Amendment Because It Is a Price Control

By Norbert Michel, Heritage Foundation Financial Regulations Expert Business owners expect conservative members of Congress to protect them from the federal government. They particularly rely on conservatives for protection against government price controls. No self-respecting business owner wants the federal government telling him what price he can charge. Business owners –…

Read

Trump’s Food Stamp Reform Would Close the Trap of Dependency

By Robert Rector, Heritage Foundation Senior Research Fellow in Domestic Policy. President Donald Trump’s newly released budget contains a proposed food stamp reform, which the left has denounced as a “horror” that arbitrarily cuts food stamp benefits by 25 percent. These claims are misleading. In reality, the president’s proposed policy is…

Read

GOP Must Fight Price Controls, Not Side With Liberal Senator Dick Durbin

Washington – According to reports, House Republicans plan to remove language repealing the so-called Durbin Amendment from the Financial CHOICE Act (H.R. 10). The Durbin Amendment was a last minute addition to the 2010 Dodd-Frank financial overhaul that established a cap on debit card swipe fees that banks charge to…

Read

In 3 Charts, the Biggest Revelations From New Obamacare Study

By Rachel del Guidice, Reporter for The Daily Signal Health care costs continue to rise under Obamacare. A report released Tuesday by the Department of Health and Human Services shows a significant hike in the average cost of individual plans since 2013 in 39 states. In 2013, the average annual…

Read

Key Takeaways From CBO Score of the Republican Health Care Bill

By Drew Gonshorowski, Heritage Foundation Senior Policy Analyst in Simulations The Congressional Budget Office updated its score of the House-passed American Health Care Act this week, prior to its being sent over to the Senate. This budgetary analysis projects that if passed into law, the bill would reduce the number of insured…

Read

Video: Why Washington Hates Trump’s Budget

The Trump Administration released its budget proposal this week. Watch the video below to learn more about Trump's plan to cut spending and unleash economic growth.…

Read

9 Key Takeaways From Trump’s First Budget

By Justin Bogie, Heritage Foundation Senior Policy Analyst in Fiscal Affairs & Salim Furth, Heritage Foundation Research Fellow in Macroeconomics & Adam Michel, Heritage Foundation Policy Analyst Two months after unveiling his “skinny budget,” President Donald Trump officially submitted his completed budget to Congress. The proposal sends a strong message to…

Read

Trump Must Resist Pressure From Foreign Leaders to Cave in on Global Warming

By Dan Holler, Vice President of Heritage Action for America President Donald Trump has arrived in Italy for the G-7 summit, where foreign leaders will press him to abandon core elements of his “America First” agenda in favor of a more globalist agenda. As National Public Radio reported last week, “President…

Read

Trump Budget Puts Taxpayers First

Washington — This morning, the Trump Administration unveiled its FY 2018 budget proposal called “A New Foundation for American Greatness.” The budget includes $3.6 trillion in spending reductions while prioritizing much-needed defense funding. And while the budget does not include much-needed structural reforms to Medicare and Social Security’s retirement program,…

Read

VIDEO: Repeal The Durbin Amendment

It's time to pass The Financial CHOICE Act to repeal the Durbin Amendment and roll back costly Obama-era regulations.…

Read

Here’s What’s in Trump’s ‘Taxpayers First’ Federal Budget

By Fred Lucas, White House Correspondent for The Daily Signal The Trump administration will respect taxpayers, balance the budget, return the country to 3 percent economic growth, and push a parental leave requirement in its fiscal plan to be released Tuesday, said Office of Management and Budget Director Mick Mulvaney. Mulvaney…

Read

Dodd-Frank Has Crippled Our Economic Recovery. This Bill Will Unleash Real Growth Again.

By Sondra Clark, Digital Director of Heritage Action Have you noticed that free checking accounts are now nearly nonexistent, and locally owned stores are increasing the $5 minimum charge on debit cards? These are not the result of some financial conspiracy. They are a direct result of Dodd-Frank regulations. After…

Read

Who Wins and Who Loses Under These 8 Big Government Policies

By Patrick Tyrrell, research coordinator in The Heritage Foundation’s Center for Data Analysis It’s clear that many big government policies are creating winners and losers in America. The story has been the same for decades. Government makes friends with a company or an industry, blocks out the competition with regulation,…

Read

How Republicans Stopped Pretending and Started Getting Real

By Michael A. Needham, Heritage Action CEO and Jacob Reses, Heritage Action Director of Strategic Initiatives "Republicans need to become a governing party.” It’s a mantra we’ve been hearing for years, usually in response to speed bumps in the legislative process caused by internecine warfare within the House Republican conference, and…

Read

Heritage Action Supports Rep. Gary Palmer And Sen. Mike Lee’s Agency Accountability Act

Earlier this year, Rep. Gary Palmer (R-AL) and Sen. Mike Lee (R-UT) introduced the Agency Accountability Act of 2017 (H.R. 850 & S. 299). This legislation would restore Congress’ power of the purse found in Article I of the Constitution over unelected federal bureaucrats by requiring “any agency that receives a fee, fine, penalty,…

Read

NAR Legislative Priorities Miss The Mark

This week members of the National Association of Realtors (NAR) will flood Capitol Hill offices lobbying for policies they claim protect homeowners and support the real estate industry.  Their legislative talking points miss the mark by doing more to promote special interests than spur economic growth. Tax Reform While NAR…

Read

President Trump Should Push the Senate on GSE Reform

By Norbert Michel, Heritage Foundation Financial Regulations Expert The House Financial Services Committee has just passed a major financial regulatory reform bill, the Financial CHOICE Act.  It’s a welcome and significant step toward repealing the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, an incredibly flawed law that neither reformed…

Read

The House Has Passed Its Health Care Bill. Here’s What Senate Republicans Are Up To.

By Senator Mike Lee (R-UT) This week, a working group of United States senators began meeting on a biweekly basis to reach a consensus on how to repeal and replace Obamacare. We are still very early in the process, but it is clear already that there is much work to…

Read

Heritage Action Signs Letter Asking President Trump to Pull Out of Paris Climate Agreement

A host of free-market groups have penned a letter asking for President Trump to follow through on his campaign promise to withdraw from the Paris Climate Treaty. Pulling out from the agreement goes hand in hand with the Trump administration’s “America First Energy Plan” centered on lowering costs and reducing…

Read

Heritage Action Signs Letter Calling For Fiscally Responsible Infrastructure Package

In light of President Trump’s plan to invest $1 trillion towards America’s infrastructure, Heritage Action has signed on to a coalition letter outlining principles to guide both Congress and the Trump Administration as they put together an infrastructure package. In order to avoid repeating the mistake of failed stimulus plans…

Read

Real Estate Professional Legislative Strategy Call 05/10/17

Yesterday conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call, we heard from Wesley Coopersmith – Policy Manager at Heritage Action.  Wesley walked through updates on the amended American Health Care Act, the Financial CHOICE Act, and tax reform. If you were unable to join us…

Read

Time for Trump to Fulfill Promise and Withdraw From Paris Climate Agreement

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy & Brett Schaefer, Senior Research Fellow in International Regulatory Affairs President Donald Trump has promised to make a “big decision” in the next two weeks on the Paris climate accord after promising to “cancel” the agreement during the campaign…

Read

Congress Has Ceded Too Much Authority to Agencies. This Bill Would Restore a Healthy Balance.

By Justin Bogie, Heritage Foundation Senior Policy Analyst in Fiscal Affairs Congress’ power of the purse is one of its bedrock responsibilities listed in Article 1 of the Constitution. The Supreme Court has reaffirmed this power on several occasions, including in a 1976 case when the Court declared, “The established rule…

Read

Obamacare Repeal Effort Finally Moves To Senate

Washington — This afternoon, the House passed an amended version of the American Health Care Act (H.R. 1628), 217 to 213.  Heritage Action key voted against the original version of the bill, which failed to repeal the regulatory architecture of Obamacare that is responsible for the rising cost of health care. Last…

Read

President Trump’s Simplifications to Tax Code Are Key to Economic Growth

Last week President Trump unveiled his plan for the “biggest individual and business tax cut in American history.” However, it still didn’t take long for special interests to decry the administration's efforts centered around tax reform and economic growth. The National Association of Realtors (NAR) quickly took issue with President…

Read

Why Shoring Up Fannie and Freddie Would Hurt the Housing Market

By John Ligon, Senior Policy Analyst and Research Manager Almost a decade removed from the last housing crisis, the economy and housing market have improved—yet the federal government continues to hold significant influence over the housing finance system. The housing market is showing some signs of growth, including a steady decrease…

Read

House Health Care Bill Moving in the Right Direction

By Dr. Robert Moffit, Health Care Policy Expert at the Heritage Foundation New developments on the American Health Care Act may finally break the legislative logjam on the bill and make progress toward repealing and replacing Obamacare. New Developments Rep. Tom MacArthur, R-N.J., is proposing an amendment that would allow…

Read

Repeal Obamacare Progress (MacArthur-Meadows Amendment)

Heritage Action’s CEO Mike Needham said the proposed MacArthur-Meadows Amendment to the AHCA “advances the debate and raises key issues for the Senate to consider as the effort to repeal Obamacare moves forward.” This amendment, which is the product of weeks-long negotiations by Rep. Tom MacArthur (R-NJ) and Rep. Mark…

Read

Key Vote: “No” On FY17 Omnibus Spending Bill (H.R. 244)

This week, the House and Senate will consider the Consolidated Appropriations Act of 2017 (H.R. 244), a 1,665-page omnibus spending package that would fund the federal government through September 30, 2017. The Heritage Foundation explains that while the bill, which was released publicly at 2 AM Monday morning, “does make…

Read

Dodd-Frank’s Days Are Numbered. Here’s the Financial Reform Bill America Needs.

By Neil Siefring, Vice President of Hilltop Advocacy, LLC President Ronald Reagan once said, “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.” The Gipper understood that when the federal government tries to dictate economic outcomes, it distorts markets, harms…

Read

Massive Spending Bill Fails to Meet Conservative Priorities

By Justin Bogie, Heritage Foundation senior policy analyst in fiscal affairs & Rachel Greszler, Heritage Foundation senior policy analyst in economics and entitlements Early Monday morning, congressional negotiators released text of a massive omnibus appropriations bill that would fund the government through Sept. 30, 2017. The bill is expected to pass later this week…

Read

Fixing Dodd-Frank Is Critical to Ending Bailouts

By Norbert Michel, Heritage Foundation financial regulations expert Dodd-Frank is about to undergo a serious overhaul, and the first major part of the renovation is taking shape. Chairman Jeb Hensarling’s (R-Texas) Financial Services Committee has scheduled its markup of the Financial CHOICE Act of 2017, the House’s major financial regulatory reform…

Read

Heritage Action Supports Chairman Hensarling’s Financial Choice Act (H.R. 10)

In response to the housing collapse and financial crisis of 2007-08, Congress rushed to pass the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act under the guise of “consumer protection.” But instead of addressing the root causes of the financial crisis, such as the government’s reckless efforts to expand…

Read

Heritage Action Signs Letter Supporting the Financial CHOICE Act

Coalition to Congress: Support the Financial CHOICE Act April 26, 2017 Dear Members of the House of Representatives: On behalf of our organizations and the millions of Americans we represent, we write to express our strong support for many provisions of the Creating Hope and Opportunity for Investors, Consumers and…

Read

Macarthur-Meadows Amendment Moves Obamacare Repeal Process Forward

Washington – Last month, House Republican leaders unveiled the American Health Care Act (H.R. 1628), which failed to repeal the regulatory architecture of Obamacare that is responsible for the rising cost of health care. Over the past 52 days, conservatives have worked in good faith to elevate and address serious…

Read

President Trump Asks Secretary Mnuchin to Review “Too Big to Fail”

Amidst the ongoing negotiations to reach a deal on Obamacare, the Trump administration continues laying the groundwork for the repeal of Obama’s legacy in the financial sector-Dodd-Frank. Last week, President Trump issued two Presidential Memorandums ordering Treasury Secretary Mnuchin to review different aspects Dodd-Frank that perpetuate “too big to fail,”…

Read

Put America First by Fixing the Tax System

By Adam Michel, Policy Analyst at The Heritage Foundation Tell someone that the U.S. tax system needs to be fixed, and you’re not likely to get an argument. Most people agree that tax rates are too high. They object to its complexity and unfairness because it subjects some income to…

Read

11 Ways Trump Has Rolled Back Government Regulations in His First 100 Days

By Rachel del Guidice, Daily Signal reporter As President Donald Trump reaches his 100th day in the White House on April 29, he will have worked with Congress to rescind more regulations using the Congressional Review Act than any other president. “We’re excited about what we’re doing so far. We’ve done…

Read

Financial CHOICE Act 2.0 Expected This Month

As Republicans continue negotiations on an Obamacare repeal plan, a new and improved version of the bill to repeal the Obamacare of the financial sector is expected in the coming weeks. House Financial Services Chairman Jeb Hensarling (R-TX) expects to reintroduce the Financial CHOICE Act-the bill to repeal major portions…

Read

Out-of-control Government Spending Harms Taxpayers

By Diane Katz, Research Fellow in Regulatory Policy at the Heritage Foundation President Trump’s proposed cuts in discretionary spending have prompted a frenzy of dire headlines, including this gem from the Detroit Free Press: “Trump budget cuts would make life miserable for many.” But lost amid all the special interest…

Read

The Most Taxing Time of the Year

By Edwin J. Feulner, Former President of The Heritage Foundation, Chairman of the Asian Studies Center How does tax season make you feel? Angry? Tired? Probably both, but there’s a good chance you also felt a bit confused while preparing your returns. And who could blame you? The mind-numbing complexity…

Read

VIDEO: Norbert Michel on Dodd-Frank Repeal

Heritage Foundation Financial Regulations Expert Norbert Michel appeared on Fox Business to discuss his latest research on the macroeconomic impact of repealing Dodd-Frank. His latest Issue Brief, written along with Heritage economist Salim Furth, explores how Dodd-Frank’s increase in the cost of investment, and then the removal of that increase,…

Read

Time To Move On (Again) From Glass-Steagall: Part 2

By Norbert Michel, Heritage Foundation financial regulations expert The 1933 Glass–Steagall Act is widely viewed as a law that ended overly risky financial practices that led to the Great Depression. It’s a great reputation, but not deserved. Glass-Steagall was, in fact, a triumph of smart politics over sound policy. Inspired by America’s…

Read

How to Talk Taxes in Simple Terms

By Beverly Hallberg, President of District Media Group If you’re in need of a great dinner party topic, try taxes. We pay taxes, we complain about paying taxes, and we admit to not understanding the complicated code that dictates how much we pay. Sounds like we have a lot in…

Read

Heritage Foundation Scholar Testifies on Financial Regulatory Reform

Last week, The House Financial Services Committee held a hearing entitled “Examination of the Federal Financial Regulatory System and Opportunities for Reform.” The witness panel featured Norbert Michel, Senior Research Fellow in Financial Regulations at The Heritage Foundation. Michel’s testimony centered around three reforms to help scale back ineffective federal…

Read

Here Are 6 Reasons to Lower the Corporate Tax Rate Immediately

By Timothy Doescher, Research Associate at The Heritage Foundation & Karl Keyzer-Andre, member of the Young Leaders Program at The Heritage Foundation. At close to 40 percent when including state rates, the U.S. corporate tax rate is one of the highest in the world. By comparison, the average corporate tax rate among…

Read

Cotton Producers Already Clamoring for Farm Bill Subsidies

In preparation for the next farm bill expected to hit Congress in 2018, the House Committee on Agriculture held a hearing to examine some of the programs authorized in the previous bill passed in 2014. Historically the farm bill debate centers on how the federal government should prop up the…

Read

It’s Easter Recess: Check Out Our Town Hall Map

Members of Congress are back in their districts for a two-week Easter recess. During this current congressional recess, liberal activists are turning out at town halls across the country to protest President Trump and fight to keep Obamacare alive. Members need to hear that any plan to repeal and replace Obamacare must…

Read

Real Estate Professional Legislative Strategy Call 04/05/17

Yesterday conservatives working in the real estate industry all came together for our monthly Legislative Strategy Call. During the call we heard from John Ligon - Heritage Foundation Senior Policy Analyst and Research Manager. John spoke about his chapter in The Heritage Foundation’s new book Prosperity Unleashed: Smarter Financial Regulation, which addresses housing finance reform. You can…

Read

To Fix Health Care, Congress Must Reverse Costly Regulations

By Senator Mike Lee (R-UT) When I was first elected to the Senate in 2010, I ran on a promise to repeal Obamacare. When I ran for re-election last year, I again ran on a promise to repeal Obamacare. For more than six years, I’ve made finding a way to…

Read

Are We Better off Curbing the Role of the Consumer Financial Protection Bureau?

By Norbert Michel, Heritage Foundation financial regulations expert YES: It Has Too Much Power—and Besides, It Isn’t Necessary. Limited government and free enterprise—these two principles largely define America. And the Consumer Financial Protection Bureau runs counter to both. The CFPB has independent litigation authority, a single director removable only for…

Read

VIDEO: GOP Repeal Bill Left Too Much of Washington Power Grab in Place

By Genevieve Wood, Senior Contributor to The Daily Signal The federal government has been too involved in regulating America’s health care system for years. Yes, long before the unaffordable “Affordable Care Act,” aka Obamacare, came along, Washington was picking winners and losers in health care. The unfair tax treatment of health…

Read

Freedom Caucus Is an Ally, Not an Enemy in Draining the Swamp

By Genevieve Wood, Senior Contributor to The Daily Signal President Donald Trump’s tweet that it’s the House Freedom Caucus that “we must fight” shows there may be a little confusion about what “draining the swamp” means or, at the very least, what it looks like. The Freedom Caucus will hurt…

Read

Government Funding Won’t Address Western Water Issues

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy Those who do not learn from history are doomed to repeat it. Sometimes, members of Congress have the memories of goldfish. One such example is a taxpayer-backed subsidy program for water infrastructure projects. The Bureau of Reclamation within the…

Read

It’s Time to Denationalize the US Reverse Mortgage Market

By John Ligon, Senior Policy Analyst and Research Manager Since 1989, when the Department of Housing and Urban Development started to pilot home equity conversion mortgages to U.S. homeowners over the age of 62, the federal government has effectively nationalized the market for reverse mortgages. The Department of Housing and Urban…

Read

GOP Cannot “Just Hang Up” On Calls To Repeal Obamacare

Washington – According to reports, efforts to bring together the diverse House Republican Conference fell apart yesterday. Today, Rep. Chris Collins (R-NY) told National Journal that the moderate Tuesday Group agreed last night that they would not meet or work with the conservative House Freedom Caucus. “If that call comes…

Read

Key Senators Support Trump In Fight Against Too Big To Fail

By Norbert Michel, Heritage Foundation financial regulations expert The Trump Department of Justice recently decided to oppose the Consumer Financial Protection Bureau (CFPB) in court, thus joining a legal effort to have the structure of the Obama-era agency declared unconstitutional. But since Congress gave the CFPB independent litigation authority, the…

Read

Senators Ask Treasury Secretary Mnuchin To End “Too Big To Fail”

This week, members of the Senate Banking Committee sent a letter to Treasury Secretary Mnuchin asking for an end to “Too Big To Fail.” Following the 2007-2008 financial crisis, The Dodd–Frank Wall Street Reform and Consumer Protection Act created Financial Stability Oversight Council (FSOC) and gave it the authority to designate non-bank institution as systemically important…

Read

Trump’s Sweeping Executive Order on Climate Policy Has Been Sorely Needed

By Nicolas Loris, Heritage Foundation Fellow in Energy and Environmental Policy As promised, President Donald Trump has issued an “energy independence” executive order to undo several of the Obama administration’s climate change regulations. To the benefit of all Americans who desire affordable, dependable energy, the executive order will help energy…

Read

House Resets Obamacare Repeal Debate

Washington — This afternoon, the House cancelled a scheduled vote on  the American Health Care Act (H.R. 1628). The bill would partially repeal and partially amend Obamacare, while leaving its core regulatory architecture in place. Heritage Action released the following statement from chief executive officer Michael A. Needham: “The bill…

Read

AHCA: A Disaster On Policy, Process And Politics

Washington — After years of pledging to repeal Obamacare, House Republicans will vote on the American Health Care Act (H.R. 1628) today. The bill would partially repeal and partially amend Obamacare, while leaving its core regulatory architecture in place. Heritage Action released the following statement from chief executive officer Michael…

Read

New Analysis: Premium Hikes Largely Caused by Obamacare Regulations

By Drew Gonshorowski, Senior Policy Analyst, Simulations & Nicholas Poché, member of the Young Leaders Program at The Heritage Foundation. Until recently, the House was scheduled to vote on the American Health Care Act, the GOP leadership’s proposal to repeal and replace parts of Obamacare. That vote has been postponed. Obamacare caused…

Read
Sign Up
Sign Up