Biden’s jobs plan: How some jobs destroy wealth

Biden’s jobs plan: How some jobs destroy wealth
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[Ed. – Ask Biden, and he’ll tell you everything is peachy.]

Many of the jobs created directly or indirectly by government policies impose costs on society rather than producing benefits. Such job creation worsens rather than improves Americans’ well-being.

The most obvious illustrations come from the vast (and getting vaster) crazy-quilt of federal executive agencies, mandates, regulations, czars, etc. Peaceful wealth creation arises from voluntary agreements among people, but the primary activity of the regulatory state is often to interfere with mutually productive jobs, undermining social coordination and destroying wealth. Imposing added constraints on voluntary productive arrangements does create some jobs, but that acts as a massive regulatory tax on jobs that benefit other people.

Professors Susan Dudley and Melinda Warren have studied federal regulatory agencies that explicitly restrict private sector transactions. They found 277,000 such regulators in 2015 (substantially larger than General Motors’ worldwide workforce) and an eighteenfold increase in those agencies’ inflation-adjusted budgets. …

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