It’s a relief President Obama, in an Op-Ed in today's Wall Street Journal, acknowledges that the free market is “the greatest force for prosperity the world has ever known.”
It certainly is.
The President now says there are some rules “that are just plain dumb” and he’s going to “remove outdated regulations that stifle job creation.” I hope he means it. But even if a president does want cutback, it won’t be easy. Managing regulatory bureaucracy is like pushing string. Regulators want to regulate. Just last year, federal bureaucrats alone added 80,000 pages of brand new rules.
It’s intuitive to believe regulation protects us and makes commerce
fairer. I once believed that. But then I became a consumer reporter
and I watched regulation fail. Now I know it almost always does more
harm than good.