Rush Limbaugh brought up an interesting idea on yesterday’s program that he didn’t spend a great deal of time on, but set in motion a few ideas of my own regarding government regulation.
The topic came up regarding the PowerPoint FoxNews had ready for Donald Trump at the last debate, whereby the moderators asked him where he was going to find $500B worth of savings by eliminating the Department of Education, EPA, and renegotiating drug purchases through Medicare.
For example, eliminating the EPA would only realize about $8B in savings annually. But we’re missing the larger picture. How much would eliminating the EPA help the economy? How much do EPA regulations add to the cost of each new car? To expand the idea, the government wants to regulate iPhones, but government would have no clue how to even make an iPhone, so what business does government have in trying to regulate them?
Or lets take gas prices. The left rails against oil companies for excess profits, which is a farce. Governments profit far more than oil companies on the sale of gasoline because of the taxes they slap on at the pump. Yet government does nothing to help get gasoline from the ground to the pump. In fact, government puts up road blocks and obstacles everywhere it can, and oil companies still have to turn a profit even in the face of all that.
I have come to reject the premise that government must regulate the private sector in order to protect the unsuspecting consumer. Very few of the plethora of government regulations are even needed. We have been sold the idea that private companies are bad and government is good, and so we need protection from the government. I have come to the conclusion that there is more truth in the opposite. Private companies aren’t necessarily out to fleece or mislead consumers. And government isn’t always noble and interested in the “greater good.” So if government is protecting us from private companies, who’s going to protect us from government?
In the case of the FBI vs. Apple, it’s the private company trying to protect the privacy of its customers and the government that’s trying to pry where it has no business prying. Given the choice of siding with the private sector or siding with government, I’ll take my chances with the private sector almost every time.