Ask a skilled craftsman or small manufacturer what’s wrong with the economy, and you’ll probably get a similar answer – a government that is simultaneously too overbearing and too unresponsive.
Our country’s ever-growing tangle of state and federal rules are constricting job growth and stifling business investments like a noose around the broader economy. Regulations have proliferated so swiftly that it would be impossible to unravel this knot one rule at a time. To complicate matters, our regulatory regime was designed for the 1940s and 50s—not for the 2020s and 30s—and is not designed to grapple with our rapidly changing economy. Without a fundamental redesign, it will continue to stifle American innovation and hinder our ability to deliver new, life-changing products. That is why policymakers must act to modernize the entire system.