Question

In the early days of the Biden administration, the cold, dead hand of government regulation reached even further than it did under Obama. The original executive order stripped away the cost-benefit analysis that underpins regulatory policy, defining benefits as encompassing "social welfare, racial equality, environmental protection, human dignity, equity, and the benefit of future generations." The executive order opposes mergers and acquisitions that put consumers at risk and targets the oil and gas industry for extinction.

Answer 1

The Biden administration has shifted the focus of regulatory policies to encompass broader social goals, emphasizing social welfare, racial equality, and environmental protection. There is a contrast with past deregulatory trends and a potential increase in regulatory costs for industries like the oil and gas sector.

Step-by-step explanation:

The question refers to the changes in regulatory policies during the early days of the Biden administration. The mention of an executive order redefines the scope of regulatory benefits to include broader social objectives like social welfare, racial equality, and environmental protection. This contrasts with the deregulation trends of earlier administrations, like those of Reagan, who reduced federal regulation to promote business growth. The Biden administration's stance on mergers and acquisitions and the oil and gas industry reflects a shift towards more stringent regulations, potentially reversing trends from the Trump era, which showed a willingness to approve projects like Keystone XL for their economic benefits.

While Reagan, Nixon, and Carter had their hand in deregulation, evaluating the costs and benefits of these policies has been a matter of debate. The Obama administration's reluctance to approve the Keystone XL pipeline and the subsequent back-and-forth demonstrates the challenges of balancing economic growth with social and environmental concerns. The Biden administration's approach seems to emphasize long-term social and environmental benefits over short-term economic gains, which may lead to increased regulatory costs for industries but potentially provide more significant benefits to society as a whole.