As the date for the ruling of the bill that proposed nationwide sports betting nears, business people interested in grabbing a piece of the pie are already gearing up for what’s to come. The optimism is shared by very many states-people and with the current wave of changes in the American business scene, there is so much to look forward to, especially for businessmen.
As you may have already noticed the frenzy of optimism that has afflicted American business leaders is beginning to pay off in the form of investments that are certainly going to boost economic growth and spur the creation of thousands, if not millions, of jobs. The new play which will undoubtedly also play a huge role in significant raises in wages has been dubbed the ‘Trump effect.’
The most prominent aspect of these developments can be attributed to the eagerness of various business leaders to see the tax cuts be affected this year. However, their confidence is almost entirely a result of regulatory pullbacks by the Trump administration – and yes, deregulation is saving them a ton of money but the business executives are more excited by the assurance that no new regulations will be introduced.
While very little historical evidence exists to show the relationship between regulations and levels of economic growth, regulatory advocates have stressed on the fact that those these rules can have positive long-term effects on the economy. The key argument here is that they will help companies steer away from violations that would otherwise have negative effects on their reputation or cost them financially. Cost analyses tend to overlook the impact of regulations on a business’ bottom line in the few months preceding their implementation and instead focus on the broader impacts they will have on the consumers, public health, and the environment.
Many stakeholders in both the Trump administration and the business community have the perception that investment and job creation diminished as a result of the tightened environmental and financial regulatory oversight present during the Obama administration. Casino businesses, for instance, were subject to rather strict rules but this is bound to change with anticipated revocation of certain bans. President Trump, a former casino owner, has been more hands-off and this has definitely revitalized efforts of certain companies that had hoarded cash after 2008’s recession.
On a similar note, businesses like the coal industry are going to be able to get away with workarounds that would not have worked if the policies from the Obama administration were kept. Just a few of the country’s reams of rules have been affected by the changes so far, but more changes should be underway especially since the President made it clear when he took office that the rollback of regulations would be a defining theme of his presidency.