Today brings up some mostly unrelated stories that both illustrate how completely unserious regulators are about the benefits of regulation.
First are the ten states with underfunded pensions who are in trouble primarily because they did not contribute appropriate amounts to their public pensions. Regulators always point out how we must regulate private pensions to avoid this kind of failure, yet in these state those who would regulate private businesses obviously saw no reason to have such regulations apply to them. In some cases this was not only considering regulations good only for other people, but actively violating regulations that were supposed to apply to the state government. If regulations are good things, why don’t the regulators obey them too?
Next up is Hollywood which has suddenly discovered that the regulatory tsunami that is POR-care is going to be a big problem for them. Once again, regulation was an excellent thing until those promoting discovered the regulations would apply to them as well. Note also that the people who will really get hit hard by this are (“unexpectedly”) precisely those middle and lower economic class people the regulation was putatively going to help.
How can we leave out the IRS, which can’t find receipts for its conference spending. Again, if a corporation did this it would be heavily fined and some people in it might well go to jail. But when the rule is on the other side, it is not only blithely ignored but no punishment will be forthcoming for those who did the ignoring. But if regulations like this are so good, why shouldn’t they apply even more to the enforcers?
The answer is, of course not, because the real point of all of this is Neo-Feudalism and rules for serfs simply don’t apply to the aristocratic class.