Are government regulations actually a good thing? | The Tylt
Getting rid of government regulations was a centerpiece of Donald Trump's campaign, and he's already signed an executive order that requires federal agencies to cut two existing regulations for every one they implement. He and other conservatives argue government regulation hampers business and harms job growth. But others insist Wall Street and corporate America must be regulated to safeguard our economy, protect our environment, and defend the rights of all citizens. What do you think?
Are government regulations actually a good thing?
The partisan divide on this issue is huge: a 2016 Gallup poll shows three in four Republicans say there is too much regulations, compared to just one in five Democrats.
Unfettered capitalism is dangerous, and even staunch capitalists agree the Depression and our more recent Great Recession prove that Wall Street must be regulated to keep it from cratering our entire economy. Former banker Sanjay Sanghoee argues simply cannot "allow Wall Street to do things that endanger the entire financial system."
It would be one thing if the effects of the banking industry’s actions were limited to its own sphere, but they are not anymore. When Goldman Sachs or JPMorgan Chase decide to take a risk for the sake of profit, those risks spill over into the wider economy....The money that can be made through trading and other risky activities is so vast that to expect bankers to police themselves in the face of such temptation is unrealistic and naive.
But who hasn't heard horror stories from friends and family about the red tape involved in starting new businesses? Shouldn't we be streamlining and encouraging American entrepreneurs rather than stifling them with ridiculous regulations?
Businesses lobby for lots of things they should not have: handouts from the taxpayer, handicaps imposed on their rivals. But it is hard to find fault in their plea for simpler rules, swifter bureaucratic decisions, government websites that a normal person can navigate and officials who actually answer the phone.
No one likes regulations, just like no one likes going to the DMV. But we can't just leave it up to the free market to make sure drivers have licenses, food doesn't contain poison, or bankers don't take risks that threaten the global economy. Many think government regulation is an occasionally annoying but a necessary aspect of living in a capitalist society.
1. I am not a socialist liberal.— Silas⊙🐻⊕ (@Silas_0_) July 6, 2017
2. The gov cannot fix everything, duh. But proper government regulation is necessary for equality
But staunch free-market believers and libertarians say the government has absolutely no business regulating industry. It's not their job, and it just creates more problems than it solves.
1. Yes you are.— The Presto (@PrestoForever) July 6, 2017
2. There is no such thing as a proper government regulation
Do fantasy sports really needs to be regulated? Should little kids need licenses to run lemonade stands? Should the government care if people want to sunbathe topless? Especially with the many crises facing our nation, many people just want the government to get out of citizens' way.
Government, at every level — federal, state, and local — is, with increasing regularity, inserting itself into every aspect of our lives. Whether it’s our bedroom, our wallet, our medicine cabinet, or our refrigerator, there seems no area of our life that lawmakers don’t believe it is their business to regulate according to their morals, judgment, preferences, or whims.
On the other hand: exploding coal mines, children dying in daycare centers, deadly fires in high-rise buildings and rampant sexual harassment in the workplace are pretty good arguments that American businesses need some sort of regulation.