Well, we could continue to regulate to protect us from ourselves, or more precisely to protect innocent people from the greedy dealings of corporations that put profits over people. As you read this, the BP trial is taking place that was "allegedly" caused by BP cutting corners on safety and ignore risk to the environment to produce more and more oil. How many people died as a result of that greed? How many miles of coastline were ravaged?
Corporations will always try to cut corners on safety, pay as little as possible, push workers to extremes, etc., if it means they can make more money. Regulations are put into place to protect people from the extremes that these entities are willing to go to in order to make a buck.
Today, anyone who is paying attention can hear politicians talking about getting rid of or cutting back drastically on things like the Environmental Protection Agency just at the time when we are facing a crisis caused by carbon emmisons. They want to cut back on food inspectors and air traffic control, and numerous other regulations that are in place to keep people safe. I think it is also fair to point out that those regulations are typically not the result of any keen political forsight. They are usually reactionary to corporations doing something that made people say, "ya know, there ought to be a law against that."
Are some of these regulations slowing the economy? Maybe, but I don't want to return to the guilded age when the robber barons ignored the well-being of citizens and took advantage of their workers just to gain personal wealth. Some will talk about letting market forces drive everything about the economy -- that usually ends up being good for a very few at the expense of most everyone else. I'm willing to put up with a few ill-advised regulations in order to have the thousands of regulations that keep me and my family safe and secure.
First, I think it is very wrong to say every corporation is willing to cut corners. That is so far from the truth. The overwhelming majority of corporations do not do that. In fact, my company's (fortune 50) performance related pay is based on saftey metrics first, where even if you blow past your P&L targets, if saftey isn't met, you are going to feel it in your pay. Additionally, we are not alone in that structure. Many of our peer organizations due the same. The vast majority of organizations due not risk saftey. You will always find instances that show a company did, but please remember you will not hear in the news about the factory in Georgia that went 1 year without an injury or the factory in Michigan that is 75% safer than it was 10 years ago. Those things happen every day and you should recognize that.
Next, saftey regulations for the most part are okay. There are some that may be over burdensom, but most are proper. You bring up the EPA. The EPA has been actively passing regulations (some would argue without the required authority to due so) that have been crippling power plants, especially east of the Mississippi.
One of the new regs (MACT) is complete non-sense and will cost billions in annual compliance. The EPA estimat of the cost of compliance for utility companies was off by at least a factor of 3 based on their annual reports. Of course, this get passed along to the consumer and the Chicago Trib reported that this will cause Chicagoarea electricity bills to go up $107 to $178 per year and raise annual costs for Chicago Public Schools by $2.7 million, $3.3 million for the Metropolitan Water District, and $5.4 million for Chicago’s city government. Outside of costs to the consumer, the rule limits possible energy sources and is going to cause countless power generators to retire across the country.
Well, there must some health benefit then, right? Well, not so much, as the Forbes article breaksdown.
Please do not get me wrong, the EPA has it's place and does some good things. The issue isn't the EPA per se, it is when the EPA becomes activists. The regulations can produce benefits that are abstract at best yet cost time and money that prevents businesses from focusing in on expansion.
Big Costs, Illusory Benefits: Why Congress Should Nix The Utility MACT - Forbes
GAO estimate may lowball effects of EPA coal regulations | The Daily Caller
http://www.instituteforenergyresear...04/June-12-EPA-powerplant-shutdown-update.pdf