Why Deregulation is Important
March 23, 2018
It is generally agreed that “deregulation” has played an important role in the ramp up of economic growth from 2 percent for the 2009-2016 period to the 3 percent rate experienced over the past 12 months. Its impact has occurred through a number of channels not the least of which is the expectation that, in future years, the burden of regulation will be significantly less, requiring fewer financial and management resources. The estimate of regulatory compliance costs was equal to the total income and profit tax collected in 2017, $1.96 trillion dollars (Competitive Enterprise Institute), and compliance paperwork hours exceed 10 billion each year (OIRA: Office of Information and Regulatory Affairs).