Letter: Deregulation, another look

To the Editor:

Let me first say — I am an “Independent” voter responding to the latest “GOP Viewpoint” in which Betsy McCaughey made some strong points about government regulations strangling small businesses, the economy and life in general.   

Reading this I was amused and amazed because, unlike Ms. McCaughey, I am actually an entrepreneur and over 40 years have owned restaurants, a commercial real estate brokerage and small business finance company. Did I miss something while I was growing our businesses?

Her claim that “mind numbing regulations smother entrepreneurs” and their “job-crushing” tyranny inhibits small business (SMBs) is simply political exaggeration.

From 2009 to 2016 non-political facts:

  • SMBs have grown over 50% to 28 million providing 55% of all jobs and 66% of all new jobs (SBA.gov).
  • Unemployment dropped from 9.3% to 4.9% adding 10 million new jobs.
  • Corporate profits soared 166% and Dow Jones Index doubled (factcheck.org).

My company alone financed 35,000 Main Street businesses over $1.5 billion, growing from six employees to 275 today! “Job crushing.” Really? I do not have a Ph.D. in history as Ms. McCaughey does, but I do know history can be “revised.” Numbers don’t lie; politicians do.

To acknowledge a GOP truth, some agencies over-regulate like the CFPB, which needs to be restructured — not closed down. Remember that greed, carelessness and abuse by people in banking and finance brought the world to the brink of financial collapse.

Millions lost their homes, jobs and retirement savings because proper regulations weren’t in place to protect them. We still haven’t fully recovered and now the GOP is advocating opening the floodgates to the same practices. How quickly we forget.

It’s foolish and dangerous to think political ideology seeks to replace empirical data (aka “truth”). Science doesn’t care about your politics, just the data.

David Sederholt

Brookside Road, March 26