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Regulations, subsidies, and tax breaks have grown rapidly in recent years. They are often designed to favor some businesses and sectors relative to others. George Bush’s steel tariffs provide an example. A 30% tariff was imposed on foreign steel, which protected the U.S. steel industry but harmed manufacturers who used steel and increased prices for consumers. Tire manufacturers were also protected with a 35% tariff. Politicians engage in this type of crony capitalism as a means to obtain votes, contributions, and political support from organized interest groups at the expense of consumers and taxpayers. The welfare of the general populace would be better served by free markets and unbiased treatment of citizens.
SEGMENT 8 / MECA DVD