“The cost of government regulation: $14,768 per household.”
I wonder what the cost of no regulation would be? Effective regulation is necessary at some level for social structure. Now, over-regulation is the other end of the problem regarding government overreach.
I wish I could read the WSJ article. Do they compare the costs over a period? If the cost of regulation is growing then the cost of compliance must be outrageous.
I think the constitutional element of the class action suit will make it a very interesting case. It may even lead to court mandated restrictions on the reach of the IRS.
In the market, consumers and producers maximize welfare, government regulation always creates inefficiencies, by definition. Regulation creates winners and losers based on political connection, the market does it on merit. The only justification of regulation is ego. Some of us think that we’re smarter than everybody else and should be able to run their lives for them.
On the cost of government regulation, the thing is that the cost/tax of regulation is hidden. See here for an example .
I and other scientists at the Massachusetts Institute of Technology estimate that the new standards will cost the economy on the whole — for the same reduction in gas use — at least six times more than a federal gas tax of roughly 45 cents per dollar of gasoline. That is because a gas tax provides immediate, direct incentives for drivers to reduce gasoline use, while the efficiency standards must squeeze the reduction out of new vehicles only. The new standards also encourage more driving, not less.
People who are good at winning political office are very good at hiding the cost/tax and showing the benefits.
“42,173 Canadians received medical treatment outside of the country in 2012.”
I wonder how these figures compare to the U.S.
“The cost of government regulation: $14,768 per household.”
I wonder what the cost of no regulation would be? Effective regulation is necessary at some level for social structure. Now, over-regulation is the other end of the problem regarding government overreach.
“A class action suit claims the IRS improperly seized 60 million medical records of 10 million people.”
– This wouldn’t be the first time the government over stepped their bounds.
Man the IRS is just getting hammered lately. Good thing they have Holder on their side.
Medical tourism is a good thing! The government should make sure not to stifle it.
I wish I could read the WSJ article. Do they compare the costs over a period? If the cost of regulation is growing then the cost of compliance must be outrageous.
I think the constitutional element of the class action suit will make it a very interesting case. It may even lead to court mandated restrictions on the reach of the IRS.
42,173 Canadians received medical treatment outside of the country in 2012.
I wonder if they came and stayed? It’s too cold in Canada — and too socialist!
Ron,
In the market, consumers and producers maximize welfare, government regulation always creates inefficiencies, by definition. Regulation creates winners and losers based on political connection, the market does it on merit. The only justification of regulation is ego. Some of us think that we’re smarter than everybody else and should be able to run their lives for them.
Say hello to your future, America. Hopefully, there continue to be plenty of countries willing to service “medical tourists”.
On the cost of government regulation, the thing is that the cost/tax of regulation is hidden. See here for an example .
I and other scientists at the Massachusetts Institute of Technology estimate that the new standards will cost the economy on the whole — for the same reduction in gas use — at least six times more than a federal gas tax of roughly 45 cents per dollar of gasoline. That is because a gas tax provides immediate, direct incentives for drivers to reduce gasoline use, while the efficiency standards must squeeze the reduction out of new vehicles only. The new standards also encourage more driving, not less.
People who are good at winning political office are very good at hiding the cost/tax and showing the benefits.