I think a good metaphor for the situation is that the US is like a tank and regulations are like armour on that tank.
It can both be true that the US has too many regulations (the tank has too much armour) and that it's in the wrong spots (too much armour in the back and not on the front.)
America needs less regulations in some scenarios, and more regulations in others. It may very well end up that the net result of these combined changes is less overall regulation and also more effective regulation.
