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Guest columnist: Evelyn Robinson

Waking up to the truth about overregulation

November 20, 2012

Over the last two years, it seems as if the American public has finally opened its eyes and begun to see the real impact that overregulation is having on the economic state of our country. Although opinion on regulation and government interference has always been divided, the majority of people have been sitting on the fence or leaning towards a regulated economy since 1996. A recent research poll by PEW Research Centre earlier this year showed that 52% of people now think that "government regulation of business usually does more harm than good," whilst only 40% think that "government regulation of business is necessary to protect public interest." So is this shift in opinion down to a wiser, more informed public awareness, or simply the consequence of a failing government?

History shows

The United States has established itself to be a highly performing nation that is a leader on the global financial market and surprisingly enough this was not due to a stringent set of rules laid out by any government that dictated how individual businesses should be run. The reason this country has become such a success story is because it set out to create an environment where individuals and businesses could use their own initiative and ingenuity to build, expand, and stronghold market places. Now this may lead to the odd unfortunate failure story along the way, or even a large business failure here and there, but on the whole it was a system which was self generating and self regulating. Why is it that all of a sudden the government thinks this way of operating is no longer acceptable?

Let people carve their own way

When it comes down to it, how would a small selection of policy makers ever be able to adequately predict the real term consequences of the policies that they enforce, especially on such a wide range of business sectors? The economy is an extremely complex global network, which has so many interwoven factors affecting the flow of money that restricting certain businesses from conducting their affairs in a way that they see fit is only going to put a block in the system.

From small scale start up businesses right up to multinational conglomerates, each company has played a role in the successes and failures of previous times, and natural order always prevails in a free market. The ideals that began to shine through in the early days of the bright American economy were that if you had a dream, and you worked hard enough, you would be able to make something out of your life. Anyone could achieve anything if they put their minds to it. If the Democrats had their own way it would be a case of “you can achieve anything you put your mind to (as long as it is in keeping with all government ideals on what the economy needs, and you are prepared to pay through the teeth for misaligning yourself with the nanny state),” which doesn't quite have the same ring to it.

Planning for the future

In these turbulent times on the financial front, many people are struggling just to work out how they will be able to get a job, never mind how they are going to save up for the future. It is not an easy situation to get around, but one thing is for sure, if tightening regulations continue to strangle the economy there will be a pension crisis building in the future. There are now huge numbers of people without a private pension, and the number of elderly people is growing year on year, leading to an imbalance in the demographic pyramid. The current financial system cannot support the huge growth in the elderly population and instead of letting the economy pull itself out of the crisis, the government has stifled it and stopped progression by imposing endless sanctions and “safeguards.” If they had it all their own way they would probably take everyone's paychecks directly from their employers, take out what they think should go toward pensions, healthcare, and taxes, and then hand out pocket money once a week to prevent people from overspending on unnecessary items.

When it comes down to it, the facts speak for themselves, and they really are screaming out that things need to be de-regulated! At least there are signs of a brighter future on the horizon as people are starting to wake up to the fact that a free market is the way back to a thriving economy, and is what is needed to sort this country out. It’s too bad enough people didn’t realize that Mitt Romney actually understands a thing or two about economics and would have been able to set things straight again.

From San Francisco, California, USA       

November 20, 2012 - Enough moaning about Romney! Voters didn't want him! Live with it! – Edison, New York

November 20, 2012 - I wish I shared your optimism about the American public. But I don't. – Tom T., Upper Peninsula, Michigan

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