While our financial structures are certainly still shaky, a much larger problem is the regulatory structure that has clotted the arteries of the economy by making it cumbersome and difficult to get anything started. Consider the Keystone XL pipeline, which would generate over 20,000 construction jobs, and lot of other permanent jobs after it is finished. It is going to be approved. Eventually. Is the long hearing and litigation process really contributing to reducing the environmental impact the project is going to have? Surely not. And to the extent the long review process does lead to mitigations of harms, are there any changes that couldn’t have been figured out in the first 90 days of the whole story? A country serious about job creation wouldn’t tolerate this kind of process. I’m convinced the purpose of the whole regulatory process today is to extort things from the private sector, and/or to simply wear out the opposition to new things before the government finally says “yes.” We can’t afford this frivolousness any more.
Monday, October 17, 2011
From Steven Hayward:
Posted by Scott Grannis at 12:45 AM