From WSJopinion: In the short term, Biden’s regulatory tsunami will fuel inflation and make a recession more likely. In the long term, it could smother America’s productivity, wages and living standards, write Phil Gramm and SenToomey.
From Wall Street to Silicon Valley, from the Permian Basin to the Chicago Loop, an iron net of regulation has descended across the American economy. Churchill’s metaphor conveys the magnitude of the onslaught and the peril it poses to the American economy and our freedom. We face not an errant regulator or an officious bureaucrat, but a sea change in the economy’s regulatory ecosystem.
In the short term, President Biden’s regulatory tsunami will fuel inflation and make a recession more likely. In the long term, it could smother America’s productivity, wages and living standards. If the U.S. puts on a European-style rules straitjacket, American economic exceptionalism will perish.
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