As we said yesterday (and many other days) it is pay to play in many parts of our overly politicized economy, and Uber (the world’s leading ridesharing company) wants to play. That’s why it just brought on a high powered consultant formerly of the Obama administration to smooth things over with the other rent seekers.
I am sure Plouffe is earning top dollar. But what choice did Uber have given the continued cronyist onslaught?
…who knows what companies and innovation we never see because they were unable to surmount regulatory burdens or other government favors on behalf of entrenched interests. And all the time and effort young companies now have to spend in wooing government — what a waste. Look, there is lots of evidence that the US economy is losing its entrepreneurial dynamism including fewer young, fast-growing firms and a rise in the share of mature companies. And now over 30% of jobs are covered by restrictive, often unnecessary occupational licensing.
The drag you feel on the economy, the reason it feels like we are walking through mud, is the crony capitalist system we now live in. We’ve made it too expensive to start businesses. If a business does get started it must then negotiate an ever growing number of regulations to survive. Regulations which are often at least partly written by established firms trying to keep market share via political means.
We are restricting airflow into the economic engine. Red tape and crony capitalism are strangling free enterprise and in turn strangling our economy.