Using big numbers to discredit the idea that regulation is essential to economic growth is debunked by research. 

In fact, the OMB estimates that regulations provide huge economic benefits. They find that major regulations benefit the economy between $193 billion and $800 billion a year at a cost of $57 to $84 billion. McGarity confirms this, telling Salon, “The thing that is most troubling to me is, when the right-wing think-tanks or the government estimates the cost of regulation, they never go back and see how much it did cost. The few retrospective studies that have been done have shown uniformly that the cost estimates have been higher, much higher than the actual cost of the regulation. The reason is that once the regulations are in place companies are able to adapt to them very quickly.” (via Right-wing garbage debunked: No, regulation doesn’t kill jobs – Salon.com)

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.