the republican congress in washington dc haswasted absolutely no time to try to undermine the entire obama presidency after just beingsworn in just a few days ago. now, their latest little ploy, after attemptingand failing to destroy an outside ethics committee, they're now trying to undo almost every singleregulation that was passed, proposed or drafted during the obama administration. that ranges everything from wall street regulationsto environmental safeguards. what they're trying to do through a law knownas the congressional review act, is prevent the president from signing any regulationsthat they call the midnight hour, the last days or hours of the obama administration.
if he does that, under this congressionalreview act, these regulations will have to be approved by a simple up or down vote byboth the house and the senate. republicans control both the house and thesenate so these regulations will die on the spot. that's not good enough for them. what they're doing is making this retroactive,any law passed or regulation passed since may 2016 could easily be repealed now by republicanhouse and republican senate. here's the problem with that. we had a lot of regulations that came outfrom the dodd-frank act following the 2007-2009
economic meltdown and all the banking scandals. most of those laws have not gone into effectyet. some of them have only been in effect fora few months. all of that, all of those regulations, mostof dodd-frank because it has not gone into effect or just went into effect, would effectivelybe killed by this republican controlled legislature immediately, the day that donald trump takesoffice. same thing goes with environmental regulations. here's a story that nobody has talked about. over the holiday break, when the news cyclewas essentially dead, the office of management
and budget released a report showing thatenvironmental regulations, 21 specific environmental regulations enacted by the obama administrationfrom october 2014 to september 2015 actually created an economic benefit ranging anywherebetween $25.5 billion and $48.9 billion. now that is the projected savings over 10years. the projected cost of those environmentalregulations? $5.5 billion. even if we go with that lowest estimate, we'restill looking at for every single dollar spent on environmental regulations, we get $5 inreturn. a 500% return on investment on environmentalregulations alone.
the facts of the matter are clear. regulations, be it on wall street, on theenvironment, on osha, protecting workers, they create economic booms in the united states. nothing more so than environmental regulations. here's why, and this is what people don'tunderstand. when you create new regulations, you haveto hire people to enforce them. those people then get a paycheck. that paycheck then gets spent in the economy. not to mention the fact of protecting workers'health, protecting financial security increases
the lifespan of a human being. over that person's lifespan, guess what theydo for the economy? they spend more money. i don't know if republicans are aware of this,but dead people don't spend money. if you want the economy to keep going, ifyou want things to keep working properly, protect the people that are actually out therespending money and creating these economic benefits. that's what you have to do, but republicansdon't care. they don't understand it.
they can't understand basic economics. it's the party that brought us trickle downeconomics, a party that still to this day is trying to bring us trickle down economics. they're not smart enough to get it, but weare, and that's why once again we got to fight back. we have to throw these numbers in the facesof every single republican every time they bring up the fact that they want to kill aregulation. regulations create jobs. regulations help the economy, but most importantly,regulations keep people alive.
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