Kelli Ward’s op-ed in Newsweek contains the right medicine for restarting the U.S. economy. Dr. Ward writes that, just as the first COVID-19 task force has recommended regulations that slowed medical innovation, so must President Trump’s economic task force eliminate regulations that cause economic stagnation:

Just as first task force identified places where our medical regulations sometimes hindered the swift action required (such as forcing the FDA to rapidly approve clinical trials for potential life-saving medicines), the new task force needs to identify the abundance of regulatory obstacles standing in the way of an economic jump start. From the start, the Trump Administration has done an exceptional job removing burdensome regulations to foster a booming economy. As America returns to work post-coronavirus, it is imperative that we finish the job by eliminating every remaining shred of unnecessary red tape that holds our economy back.

It’s also critical that the task force represents diverse sectors of our economy, starting with a robust delegation of small businesses. In addition to mom-and-pop small businesses, the travel, hospitality and food service industries have been clobbered and all deserve to have a seat at the table. Other considerations should be given to restaurants, live events and sports leagues, as well as all other entertainment and leisure industries.

The first important step is rejecting Sen. Schumer’s and Nancy Pelosi’s government-centric initiatives. When was the last time regulations created a FedEx or a Microsoft? When did government interference help ignite an economic upswing? The answer to both questions is never.

Dr. Ward is right about this, too:

Furthermore, the task force should avoid making one-size-fits-all pronouncements on entire cities, states and regions. As someone who lives in flyover country, I can tell you that many Arizonans have felt inundated by a big-city-only perspective on the crisis. While our hearts are with our fellow citizens in New York City, I can assure you some parts of the country can and would reopen now if given the opportunity. The same approach should be applied to entire sectors of the economy. Many industries will have to enact new protocols to ensure the worker safety in order to restart. The second task force can and should provide guidance on those protocols.

One-size-fits-all policy-making is fantastic — if everyone’s needs are exactly the same. Thinking that the manufacturers’ needs are the same as the financial industry’s needs or the agribusiness’s needs is foolish. The task force should have people who’ve built strong economies on it. It requires people like Larry Kudlow, Art Laffer, Steve Mnuchin. It requires small business entrepreneurs. Bernie Marcus and Steve Forbes should be part of the task force, too.

Speaking of one-size-fits-all vs. federalism:


I can’t say it better than that. I’ll leave it at that.

If President Trump staffs this task force on Tuesday, then it’s imperative that they start the research on rebuilding the economy on Wednesday at the latest. While it’s important to get people physically healthy, it’s essential that we get people financially healthy, too. The best way to do that is to eliminate punishments on entrepreneurs. Imposing taxes are required to run a government. Imposing regulations are required for running an orderly society. Too much of either, though, leads to economic stagnation.

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