Trump’s deregulatory efforts will add $3,100 to household incomes, administration says

The Trump administration, which has made a concerted effort to cut red tape in Washington, alleges those efforts could end up bolstering household income over the coming years.

Senior administration officials said Thursday that the president’s deregulatory efforts will effectively increase household income by $3,100 annually over the coming years.

TRUMP LOOKS TO SCALE BACK ENVIRONMENTAL REVIEWS FOR PROJECTS 

Officials claim 20 of the implemented deregulatory actions alone would save consumers and businesses more than $220 billion. It is not clear which 20 items the senior official was referring to, but bringing back consumer choice for things like washers and dryers, shower headers, dishwashers and lightbulbs were among the actions highlighted in a press briefing on Thursday.

In the past, the administration has claimed income increases would come from savings and higher wages. Critics argued that White House trade policies, among other things, could counteract at least some of those benefits.

The administration’s goal was to eliminate two regulations for every one implemented, though it now says that ratio has expanded to seven to one.

Trump is expected to speak about the effects of his deregulatory agenda Thursday afternoon at the White House.

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The cost-savings message comes at a time when the U.S. economy is struggling to emerge from a recession brought on by the coronavirus pandemic, which has caused massive job losses and reductions in household incomes.

An additional 1.3 million Americans filed new jobless claims last week, bringing the total number of new claims to more than 51 million over the past 17 weeks.

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FOX Business’ Blake Burman contributed to this report.