Trump Dismantles Another Obama 'Achievement'

posted by Jay Weber -

Editorial via Investor's Business Daily

This isn't the first of Obama's policies enacted during his eight years in office that Trump has killed off in his first 14 months.

Trans-Pacific Partnership. Obama heralded the TPP as a "defining trade deal" and said it would "bolster our leadership abroad and support good jobs here at home." Trump ditched it shortly after taking office.

Clean Power Plan. Obama called this massive expensive proposal "the single most important step America has ever taken in the fight against global climate change." Critics noted it would cost a total of $100 billion by 2030 and even the Obama administration admitted that it would do nothing to prevent climate change. Trump ordered the EPA to withdraw the rules in April.

Keystone XL. Obama tried to kill this pipeline, which would bring Canadian oil down to refineries in the south, saying it "would not serve the national interest of the United States." Trump overturned that decision, and construction on this critical piece of infrastructure is set to begin next year.

Clean Water Rule. Obama said the EPA's expansive Clean Water Rule would "restore protection for the streams and wetlands that form the foundation of our nation's water resources." But it also gave the government the unprecedented ability to regulate almost any type of water. Trump suspended the rules in January.

Paris Climate Agreement. In December 2015, Obama announced that he'd signed on to the Paris agreement, under which countries volunteered to reduce their greenhouse gas emissions to set levels, "a turning point for the world." Since then, the UN has admitted that various countries aren't making good on their CO2 pledges, and that even if they did, they wouldn't make a difference in terms of global warming. Trump pulled America out of it in June 2017.

Net Neutrality. When the FCC announced that it was imposing 1930s era telephone regulations on the internet in the name of "net neutrality," Obama said it would "protect innovation and create a level playing field for the next generation of entrepreneurs." Nobody who looked at the FCC's terrible track record would believe such a thing. And Trump's FCC head, Ajit Pai, rescinded the rules in December.

Dodd-Frank. One of Obama's biggest "successes" was arguably the Dodd-Frank banking bill, which imposed a vast array of new regulations on the financial sector, most of which sought to fix alleged problems that had nothing to do with the financial crisis. Obama boasted as he signed the bill that "these reforms represent the strongest consumer financial protections in history. In history." He said it would "rein in the abuse and excess that nearly brought down our financial system." None of that turned out to be true, as subsequent studies showed. And one of the impacts Dodd-Frank did have was to push countless local community banks out of business. In a rare show of bipartisanship, 17 Democrats joined 50 Republicans and voted this March to roll back much of Dodd-Frank. The House already passed a broader Dodd-Frank overhaul, so now it's just a matter of bringing the two bills together.

Taxes. Obama spent eight years claiming that the rich didn't pay their "fair share" of taxes and pushing, often successfully, for tax hikes. The claim was false, and his tax policies helped slow the economic recovery. In December, Trump signed a tax bill that marked a 180-degree departure from Obama's tax policies, and renounced Obama's class warfare rhetoric, by cutting income tax rates across the board, including for those at the top, while slashing the corporate tax rate.

On immigration, oil exploration, education reform, and other areas, Trump is also dismantling Obama policies.

So what remains?...complete story here > Trump Dismantles Another Obama 'Achievement'


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