Praying for a Strong Economy: Regulation
Federal regulation has gone through the roof. The Federal Register, which measures the sum total of U.S. government regulations, dropped below 50,000 under Reagan, and last year hit a new high of 97,110 pages, extracting an estimated $1.89 trillion a year in compliance cost from the economy, amounting to 15,000 per household. These regulations stifle business creativity, greatly increase cost, discourage firms from hiring, and depress business startups. The OMB estimated 9.7 billion hours complying with federal rules and regulations. Congress passes several dozen bills a year, whereas Federal departments issue well over 3000 new rules and regulations annually, requiring tens of thousands of new pages of regulations and code, plus thousands of new regulators, and thousands of jobs in the private sector purely for regulation compliance. Excess regulation puts American companies and workers at a disadvantage compared to many overseas counterparts, which often have few, if any, regulations to follow. This serves as a “tax” against American workers and companies versus world markets, making our products and services more expensive than they would otherwise be. (Source: Wall Street Journal, 1/24/17; U.S. Global, 1/10/17) (Jerry Tuma)1
“For it is written in the Law of Moses: “Do not muzzle an ox while it is treading out the grain.” Is it about oxen that God is concerned?” (1 Corinthians 9:9; NIV)
Give Him 15 minutes in prayer:
Pray for President Trump who has stated he wants to reduce regulations by 85%, which would put American businesses at an enormous advantage over most of its competition.1
Pray for wisdom for government leaders to know which regulations to remove and which to leave in place.
Pray that regulations protecting American workers in the workplace are appropriate and reasonable.
Pray that regulations on American companies overseas protect foreign workers working in those businesses.
Thank the Lord that regulation rollbacks will help stimulate our nation’s economic recovery!
A prayer you can pray:
Father, we lift our President to You in prayer. His desire to reduce regulations to benefit American business growth is good for our country. Show those working with him exactly which regulations are hindering, but to keep those in place that protect our workers in certain working situations. We also ask that foreign workers working for American companies in their countries would be granted safety by our nation’s regulations. We look forward to greater economic growth, as many hindering regulations are reversed. Thank You, Jesus. Amen.
We decree that America’s economy will take off as unnecessary regulations are rolled back!
1 Learn more about Jerry Tuma here.