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Trump’s Economic Era

Justice Department can hold lenders liable for up to
three times damages.

Howard’s explanation of rules is similar to the
ideas of the Austrian economist Friedrich Hayek. In The
Road to Serfdom, Hayek explains how excessive
planning leads to a loss of all personal freedom. When
planners realize that the only way for the plan to work
is to mandate that everyone adhere to the program, the
road serfdom is complete.

Some countries are moving away from a rule-
based system. Australia moved toward a principles-
based system when it replaced all its rules for nursing
homes with 31 principles; for example, nursing homes
must have a homelike setting, and there should be space
for privacy, etc.

The first big test of the Trump Administration was
to alter the rules of the Affordable Care Act. President
Trump cautioned Congress not to repeal large swaths of
the 2010 health care law. He told Fox News Bill
O’Reilly that “Maybe it’ll take several years to repeal
or replace the law.”
When Donald Trump took office, Republicans had
a narrow 52-48 majority in the Senate, and a handful of
centralist Republicans demanded there be a clear-cut
plan to replace Obamacare before they vote to replace
it. President Trump has stated, “We should help
Americans purchase their coverage through the use of
tax credits and expanded health savings accounts.”

Die-hard Conservatives see sweeping away the
law as an essential first step to hammering out a far-
reaching alternative. Meanwhile, the White House
spokesperson has stated that Mr. Trump remains “fully

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