President Joe Biden ’s new executive order on artificial intelligence is unnecessary. It also infringes on the power of Congress to legislate. It is unconstitutional for federal agencies to use the order to regulate actions of the private sector.

Trust in government is undermined because the signal to voters is that the federal government is taking concrete action to regulate AI . In reality, the executive order is without substance. Save for one narrow exception regarding weapons of mass destruction, it is not law. The executive order also has the potential to throw sand in the gears of technological innovation — foundational to an increase in prosperity for every American.

True, Biden has the authority under the Defense Production Act of 1950 to ensure that AI is not used to raise the risk that weapons of mass destruction will be used against the United States or our allies. Beyond that narrow exception, however, the executive order is hortatory, not mandatory. Congress legislates. The President "executes" the laws legislated by Congress.

In many small ways, the executive order will delay the full adoption of AI, which will slow the anticipated dramatic increase in economic productivity engendered by AI. New companies do not have sufficient resources to waste time in Washington, D.C.

The executive order is already an example of regulatory capture. The administration drones on about big business. This executive order entrenches the power of big business. AI learns from existing knowledge. AI cannot create new knowledge. It improves labor productivity. In addition, every technological innovation after disrupting labor markets creates new, more rewarding jobs. The new employment opportunities dramatically increase overall employment.

Other concerns loom large.

Through the application of AI to the criminal justice system, for example, law enforcement will be able to predict criminal behavior and stop it. Unfortunately, AI will tell law enforcement what it already knows: young black men are disproportionately responsible for violent crime. That is a fact, not discrimination. At the same time, AI will help determine which prison inmates can go home, get a job, and contribute to society.

The United States leads the world in the adoption of AI. This new technology, if not encumbered by government, will dramatically increase the long-term economic growth rate of the U.S. and help solve the federal debt crisis, which currently reduces economic growth by crowding out private investment. The U.S. should not emulate the European Union, where government regulation is more important than innovation and economic growth.

Top line: private businesses should ignore the order and press ahead at full speed to embed AI in the fabric of the American economy.

James Rogan is a former U.S. foreign service officer who later worked in finance and law for 30 years. He writes a daily note on finance and the economy, politics, sociology, and criminal justice.