As the Trump administration takes over again after a four-year gap, America faces a number of challenges on the fiscal side — like an exploding deficit and debt — in addition to foreign policy issues. Regulatory reform will be a top priority, and I have three recommendations in particular.
The announcement of the Department of Government Efficiency (DOGE) is a promising new initiative.
But, for the initiative to work, Elon Musk should look to the playbook from the states as a guide. Virginia and Idaho stand out here.
Under Virginia Gov. Glenn Youngkin, the Office of Regulatory Management was established. The office is an independent entity that sets clear goals and guidance for regulatory reform. The office also seeks to engage state regulators in the process and has had tremendous success in reducing the footprint of regulation in the commonwealth. Estimates suggest that reducing regulatory accumulation has saved Virginia residents well over $1 billion each year.
Idaho is another shining star in this area and has already gained the attention of Elon Musk on social media. Idaho’s unique model of zero-based regulation would be an ideal starting point, allowing all federal regulations to sunset and changing the mindset from “what regulations should we cut” to “what regulations do we need in the first place.” This eliminates the inherent challenge of reducing regulation, as regulation scholars know it can be very difficult to eliminate existing regulations because of vested interests that profit from the status quo.
Continue reading at The Washington Times.
Edward Timmons, PhD, is Vice President of Policy at the Archbridge Institute. He leads the institute's economic policy strategy, identifying focus areas and disseminating work to key stakeholders and policymakers. His own research focuses on labor economics and regulatory policy; he is regularly asked to provide expert testimony to U.S. states on occupational licensing reform and the practice authority of nurse practitioners. Dr. Timmons received his Ph.D. in economics from Lehigh University and his B.A. in economics and actuarial science from Lebanon Valley College. He publishes a weekly newsletter on Substack with the latest research and policy insights surrounding occupational licensing.
Economics of Flourishing
As the Trump administration takes over again after a four-year gap, America faces a number of challenges on the fiscal side — like an exploding deficit and debt — in addition to foreign policy issues. Regulatory reform will be a top priority, and I have three recommendations in particular.
The announcement of the Department of Government Efficiency (DOGE) is a promising new initiative.
But, for the initiative to work, Elon Musk should look to the playbook from the states as a guide. Virginia and Idaho stand out here.
Under Virginia Gov. Glenn Youngkin, the Office of Regulatory Management was established. The office is an independent entity that sets clear goals and guidance for regulatory reform. The office also seeks to engage state regulators in the process and has had tremendous success in reducing the footprint of regulation in the commonwealth. Estimates suggest that reducing regulatory accumulation has saved Virginia residents well over $1 billion each year.
Idaho is another shining star in this area and has already gained the attention of Elon Musk on social media. Idaho’s unique model of zero-based regulation would be an ideal starting point, allowing all federal regulations to sunset and changing the mindset from “what regulations should we cut” to “what regulations do we need in the first place.” This eliminates the inherent challenge of reducing regulation, as regulation scholars know it can be very difficult to eliminate existing regulations because of vested interests that profit from the status quo.
Continue reading at The Washington Times.
Edward Timmons
Edward Timmons, PhD, is Vice President of Policy at the Archbridge Institute. He leads the institute's economic policy strategy, identifying focus areas and disseminating work to key stakeholders and policymakers. His own research focuses on labor economics and regulatory policy; he is regularly asked to provide expert testimony to U.S. states on occupational licensing reform and the practice authority of nurse practitioners. Dr. Timmons received his Ph.D. in economics from Lehigh University and his B.A. in economics and actuarial science from Lebanon Valley College. He publishes a weekly newsletter on Substack with the latest research and policy insights surrounding occupational licensing.
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