I need an initial post+ 2 responses to classmates.
Topic 2: Excessive Regulation
Do excessive regulations sometimes have unintended consequences? What are some examples of the unintended consequences? Please use outside research to back up what you say. Be sure to cite your sources.
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Please see attached for classmates initial posts. Use it as an example and respond to each one of them.
Excessive regulations can harm the low-income population. Most of the goods that the low-income population consume are the goods that have the more regulations applied to. Most of the time regulations are created without thinking how they will affect the low-income people. They get overlooked and suffer the greatest. Its easier for the middle class and the higher income people to get the regulations they approve due to having more resources.
Every time a regulation gets applied to a good, the production cost increases and gets passed down to the consumer. According to studies from the Bureau of labor statistics, “they find that a 10% increase in total regulation leads to nearly 1% increase in consumer prices.” Utilities, food and healthcare are the most regulated goods, also essential goods that low-income people spend the most on. It creates a never-ending cycle where the poor spend most of their income in essential goods and do not have any left for improving their quality of life.
Millsap, A. A. (2019, July 23). How Too Much Regulation Hurts America’s Poor. Retrieved from https://www.forbes.com/sites/adammillsap/2019/07/23/how-too-much-regulation-hurts-americas-poor/?sh=24648a4d271f
The Effect of Regulation on Low-Income Households. (2020, January 10). Retrieved from https://www.mercatus.org/publications/regulation/effect-regulation-low-income-households
The term excessive means more than necessary, normal, or desirable. When it comes to excessive regulations you would have to be a expert to know what would be excessive or desirable in terms of regulations. In research from Nunn (2016) they elude to how over 14 million people have felony charges. With those charges many can’t find jobs, or use helpful programs like food stamps, and welfare. Many problems have excessive regulations because people will try to find a solution to the issue. When multiple authorities are designing policies and regulations, there will be unintended consequences.
Nunn, D. W. S. A. R. (2016, November 21). Excessive regulations get in the way of work and second chances. Brookings. https://www.brookings.edu/opinions/excessive-regulations-get-in-the-way-of-work-and-second-chances/