The US economy will likely experience exponential growth in the coming days following the executive order signed by the US President Donald J. Trump on Friday. The latest executive order is meant to reduce or eliminate costly and unnecessary regulations on US businesses.

Executive order to slash taxes

President Trump vowed during his campaign to introduce regulations that would slash taxes for individuals and corporations in a bid to help drive investors and business optimism. The executive order is also meant to revival the hopes of many Americans falling out of employment as a result of many manufacturing businesses closing down due to exorbitant taxes or just relocating abroad.

The Trump administration believes that extensive business regulations have negatively impacted the US economy in the past resulting in massive loss of jobs and companies closing down. While vowing to protect the environment, President Trump said the horrible regulations that hurt US businesses and jobs would be removed.

Critics slam the new order

The new order has however been sharply criticized by environmental groups and a host of Democrats. Opponents have criticized the move stating that the US government should invest more in renewable and sustainable energy instead of seeking to revival the old coal companies which have resulted in much waste deposited along waterways.

Democrat Senator and fierce critic of President Trump administration Bernie Sanders has noted that for every dollar invested in energy efficiency, families and businesses could enjoy up to four dollars in energy savings while every billion dollars invested in energy efficiency upgrades the country could create up to 8,000 new jobs.

The Vermont senator has maintained that investments in renewable and sustainable energy would create more jobs than seeking to revive coal companies.

Need to invest in renewable energy

During the presidential campaign, President Trump was accused of downplaying the effects of Global warming. Critics of the new executive order by the US President have indicated that sustainable energy sources powered by the sun, wind and Earth’s heat would help in environmental protection as well as boost the international efforts to curb on global warming.

While addressing the Conservative Political Action Conference in Maryland, President Trump was quick to note that he wanted strong regulations that would ensure environmental protection but not horrible ones that hurt US companies and put people out of work.