Kiss regulations goodbye
With a new year approaching, policymakers in Detroit and Lansing should make a New Year’s resolution to boost economic growth. But instead of giving handouts to special interests, they should try a different approach: Cut red tape and let entrepreneurs flourish. Here are three areas ripe for reform:
One avenue would be to deregulate the transportation industry. In Detroit, there is a strict limit on who can enter the taxi market, while the city imposes a one-hour minimum wait time for limos. According to the R Street Institute, which gave Detroit a D and F grade for its friendliness to taxis and limos, entrepreneurs are “encumbered with multiple regulations that undermine their ability to be competitive.”
