Free Trade
Steven Greenhut | 2.2.2024 7:30 AM
One of my favorite economic rules is simple. Whenever a progressive scold blames capitalism or private companies for a "market failure"—i.e., the inefficient or seemingly inexplicable distribution of goods or services in the economy—it's best to dig a little deeper. Almost always, some government regulation, tax, or law is largely to blame.
One recent example involves the proliferation of mega-pickup trucks. It doesn't take scientific analysis to notice these vehicles, which account for more than 20 percent of all passenger vehicle sales in the United States, have gotten huge. I recently parked my 2012 full-size V-8 RAM next to a new model in a parking lot and mine looked like a toy. They've gotten pricey, too. I paid $19,000 for mine brand new—and the average full-size pickup now approaches $60,000.
"Driving a large pickup or SUV increases the likelihood you'll kill or injure someone; its thirsty power plant… spews more air pollution and greenhouse emissions," according to a report last year in Bloomberg. This has, of course, led to calls for more regulation. The article focused on a proposal by the District of Columbia to impose a $500 annual fee on trucks that exceed 6,000 pounds. The........