Opinion by Charles Lane: “America has the greatest economic system in the world. Let’s reduce government interference,” President Carter told Congress. He signed three major laws that lastingly transformed life in America, overwhelmingly for the better.
and backed it up by negotiating and signing three major new laws that lastingly transformed daily life in America, overwhelmingly for the better.
The legislation reduced heavy-handed government regulation of the trucking, freight rail and commercial air travel industries, unclogging the arteries of U.S. transportation and helping lay the basis for future innovation and noninflationary economic growth.
Yet the notion that individuals and firms can become more productive in response to incentives is a widely accepted economic principle to which Carter — as he indicated in his 1979 State of the Union — also subscribed and on which he acted. As of his inauguration in January 1977, U.S. airlines, interstate trucking and freight rail were all performing well below their potential, creating
And in each industry, the source of the problem was the same: a thick web of New Deal-vintage government controls that essentially set fares and schedules by fiat.
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