Politicians say they "create jobs." In fact, only the private sector generates the information needed to create real, productive jobs.
Since this current post-recession job recovery is the slowest in 80 years, you'd think that even know-it-all politicians would want to sweep away the labyrinth of government regulations that hinders job creation. Successful job creators like Dallas Mavericks owner Mark Cuban and Staples founder Tom Stemberg tell me there are so many new rules and taxes today that it would be difficult, if not impossible, for them to create the thousands of jobs they once made.
The feds now have 160,000 pages of rules. Does anyone read all that? I doubt it. (Members of Congress don't read the bills they vote on.) Do the rules make life safer? No. A few new rules are useful, but most are not. Their sheer volume makes us less safe and less free.
In fact, the thick rulebooks help cheaters by giving them an indecipherable screen to hide behind. They also mislead consumers by giving them the illusion of protection. "I don't need to worry because regulation protects me." It's why some sophisticated people gave all their savings to Bernie Madoff.
A false sense of security is worse than none at all.
And the waste! Americans will spend $46 billion a year to obey just the new regulations the Obama administration imposed. Think of the money diverted to lawyers, accountants and "compliance officers" -- money that might have created jobs and financed products that could make our lives better.
Alison Fraser, who keeps track of these things for the Heritage Foundation, points out that George W. Bush's administration was a big regulator, too. "President Bush ... had 28 major new rules passed in the first three years alone," said Fraser. "We've had a virtual explosion -- almost a regulatory assault on our system of free enterprise and on our job creators."
The mainstream media portray Bush as a deregulator and blame his nonexistent deregulation for the housing and financial debacle. But the opposite is true. Bush hired thousands of new regulators. He only looks good in comparison to Obama -- which is not saying much.
Advocates of regulations don't acknowledge the law of unintended consequences. The Department of Energy demands energy-efficient appliances. But the extra cost deters some consumers from buying new appliances, so they stick with the old, wasteful ones.