For a quarter-century, American automakers and their allies argued that any legislation to increase fuel economy standards would rob them of profits, force them to lay off workers and deprive consumers of the vehicles they wanted to buy…. But this week, with a vote possible in the Senate on an energy plan, Detroit blinked, and the car companies retreated from their longstanding argument. They are now lobbying for a modest increase in mileage standards, a position already adopted by Toyota, in the hopes of silencing calls for even tougher targets. (New York Times, Wednesday)
Has this strategy ever worked?
FEE Timely Classic
Regulation by John A. Pugsley