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Left and Right Are Both Wrong About Regulation

Dec. 3 (Bloomberg) -- In 1981, President Ronald Reagan instructed federal agencies that they could issue regulations only after demonstrating that their benefits justified their costs. With modest changes, Reagan’s successors, both Republican and Democratic, have continued to impose this requirement on agencies considering rules designed to protect clean air, food safety, workplace safety and much more.

But a crucial question remains: Can the government’s numbers be trusted, or are they just a lot of hot air?