RUTHFULLY YOURS

On Thursday, President Donald Trump celebrated his administration’s dedication to cutting government regulations, with a ceremony where he physically cut a huge strand of red tape. Corny, but impressive nonetheless.

“This excessive regulation does not just threaten our economy, it threatens our entire Constitution. And it does nothing, other than delay and cost much more,” President Trump declared. On the campaign trail, Trump had promised that for every new regulation, he would cut two old ones. On Thursday, he announced his administration had overshot that goal — annihilating 22 regulations for every new one.

In a statement that would make every small-government conservative glow with pride, the president declared, “Congress has abandoned much of its responsibility to legislate, and has instead given unelected regulators extraordinary power to control the lives of others.”

Conservatives have long complained of the way Congress really works. Rather than passing regulations directly so that individual congressmen are tied to every piece of government red tape, Congress passes a bill like the Clean Air Act. The act sets out a goal — Americans should have clean air — and sets up an agency to make rules to achieve that goal.

This practice separates the people’s representatives from the results of their lawmaking. If constituents complain, lawmakers can blame the agency, or promise to add yet another law to fix the problem in question. “So many of these enormous regulatory burdens were imposed on our citizens with no vote, no debate, and no accountability,” the president explained. CONTINUE AT SITE

I’m not in the habit of giving stock tips or making market calls. I’ve never claimed to be an investment strategist. But after spending years reporting on business and finance, I was convinced on the night of Nov. 8, 2016, that the conventional market wisdom was way off target.

As the night wore on and equity traders began to grasp that Donald Trump would become president, stock markets around the world started selling off. In the U.S., trading in S&P 500 futures would eventually be halted after a 5% decline. After midnight, Paul Krugman of the New York Times opined: “If the question is when markets will recover, a first-pass answer is never.”

I didn’t see it that way. For years I’d been hearing anguished people at companies large and small bemoan the growing federal burden of taxes and regulations. Now the U.S. would have a president who intended to reduce this hardship and prioritize economic growth.

When I sat down around 10:30 on election night for a Fox News panel discussion, Dow futures were down about 700 points. Markets like certainty; it was understandable that some investors were selling. Mr. Trump seemed to present more uncertainty than Hillary Clinton, who was essentially promising a continuation of the Obama administration. Mr. Trump’s talk about ripping up the North American Free Trade Agreement, for example, created big unknowns and potentially significant risks.

The election night selloff turned out to be a huge buying opportunity. Companies had been sitting on cash—not investing or hiring. ObamaCare compliance was a nightmare for many business owners. It made them wonder what other big idea from Washington would haunt them in the future. Mrs. Clinton was likely to increase business costs further, while Mr. Trump had vowed to reduce them. Even in the middle of the election-night market panic, the implications for corporate revenue and earnings growth seemed obvious.

The next morning, with the Trump victory confirmed, I told my colleague Martha MacCallum that I would be “buying the stock market with both hands.” Investors began doing the same. U.S. markets have added $6 trillion in value since the election, with investors around the world wanting in on America’s new growth story. The Federal Reserve Bank of Atlanta is now forecasting the third straight quarter of U.S. gross domestic product growth around 3%.

It’s not just an American growth story. For the first time in a long time the world is experiencing synchronized growth, which is why Goldman Sachs and Barclays among others have recently predicted 4% global growth in 2018. The entire world benefits when its largest economy is healthy, and the vibrancy overseas is reinforcing the U.S. resurgence.

As the end of the Trump administration’s first year approaches, it’s a good time to review the progress of the businessman elected on a promise to restore American prosperity.

Year One has been nothing short of excellent from an economic standpoint. Corporate earnings have risen and corporate behavior has changed, measured in greater capital investment. Businesspeople tell me that a new approach to regulation is a big factor. During President Obama’s final year in office the Federal Register, which contains new and proposed rules and regulations, ran to 95,894 pages, according to a Competitive Enterprise Institute report. This was the highest level in its history and 19% higher than the previous year’s 80,260 pages. The American Action Forum estimates the last administration burdened the economy with 549 million hours of compliance, averaging nearly five hours of paperwork for every full-time employee. CONTINUE AT SITE

Congress persists in its effort to pry the real story of the 2016 election out of the Federal Bureau of Investigation, an agency notoriously reluctant to share secrets. The trick is telling the difference between legitimate secrets and self-serving ones.

The FBI—and the Department of Justice—would rather blur that distinction. In recent congressional appearances, FBI Director Christopher Wray and Deputy Attorney General Rod Rosenstein tossed around the word “classified” like confetti. Neither man answered a single substantive question, citing their obligation to protect the “integrity” of investigations, safeguard “sensitive” information, and show deference to an “independent” and “internal” inspector general reviewing the FBI’s handling of the 2016 election.

True, the FBI has plenty of things it needs to keep secret regarding national security and law enforcement. Let’s even acknowledge the bureau may be rightly concerned about turning some information over to today’s leak-prone Congress. Even so, in the specific case of its 2016 election behavior, the FBI is misusing its secrecy powers to withhold information whose disclosure is in the public interest.

Wisconsin Sen. Ron Johnson exposed two such instances this week, from his perch as chairman of the Committee on Homeland Security and Governmental Affairs. Mr. Johnson received a letter Wednesday from Justice Department Inspector General Michael Horowitz, who graciously and nimbly provided information that the committee had requested last week.

That letter included some notable dates. Special Counsel Robert Mueller’s team is emphasizing its ejection of FBI agent Peter Strzok immediately upon learning about anti-Trump texts he exchanged with another FBI employee, Lisa Page, before the 2016 election. But when did the FBI learn of the messages? The inspector general’s investigation began in mid-January. The letter explains that the FBI was asked for text messages of certain key employees based on search terms, which turned up “a number of politically-oriented” Strzok-Page texts. The inspector general then demanded all of the duo’s text messages, which the FBI began producing on July 20.