E. J. Dionne writes in the Washington Post that President Biden will focus his State of the Union speech on “how to make the economy grow for everyone.” That’s a good topic. Unfortunately, Dionne’s column illustrates that Biden’s policies will not do that.
Dionne’s challenge is a good one: “how to make the economy grow for everyone.”, Ryan Bourne urges Congress to “prioritize raising the country’s growth potential.” He notes that “faster growth would beget higher living standards, stronger public finances, and less zero‐sum politics.” Unfortunately, the policies that would increase growth are virtually the opposite of those that President Biden is pursuing and is likely to propose in his speech.
The current thicket of environmental, land‐use, and zoning regulations that inflate the cost of and delay new private‐sector infrastructure and housing being supplied in productive areas is especially ripe for an overhaul. They not only make the economy less adaptable to changing wages and prices, undermining efficiency, but also snuff out the benefits of dense, productive agglomeration of industries in certain cities.
Plenty of government‐erected barriers stand between workers’ taking up employment or moving to new roles. Welfare and other entitlement programs create large disincentives to work or to earn more labor income. Labor laws and regulations drive up hiring costs. Occupational licensing requirements, compulsory unionization, regulatory compliance burdens, and more create entry barriers to new jobs.
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