Letter: Regulations protect us
James Kellogg’s monthly rants against government regulation becomes tiresome in the face of facts. The term “job-crushing regulation” is a fallacy long perpetuated in one way or another since Ronald Reagan.
Of course some regional jobs are lost to regulation. These jobs are usually in such things as old coal power plants, which are too antiquated to update and in many cases are slated for closure anyway. Other past regulation has resulted in job losses in fun industries like asbestos and lead additives for paint and gasoline.
The majority of current regulation is in place to protect us, the citizens of these United States. Regulations protect our food, our drinking water, our recreational waters, our air, our health in the workplace, our safety in the cars we drive, our money deposited in banks, etc. and so on.
Forty-five’s deregulation efforts have been to relax standards for teachers, Wall Street, clean air, clean water and job safety. Of particular note is allowing large investment companies to recover their losses from their small investors. This works well for people like 45, who has declared bankruptcy six times, when he is looking to borrow money.
I would point out that Warren Buffet amassed his fortune over seven decades of increasing regulation. Forty-five, on the other hand, would have a fortune estimated to be five times larger if he had simply invested his inheritance in the S&P 500. Forty-five is neither a savvy businessman nor an expert on regulation, history or health care.
Deregulation for the most part benefits large corporations and not the working class, and thus big business likes to throw money at candidates running with a deregulation platform who can sell such a platform to voters.