In politics and in life, timing is everything. When people are operating on different timelines, it can cause problems.
Think of a sports team that wants to build through the draft, eschewing spending on high-priced free agents. It is willing to accept losses in the present, and maybe next year, because it can draft generational young talent. Fans, on the other hand, want to win now. Why should they buy tickets to see a lousy team or buy hats and shirts that advertise that they support a lousy team? They want a shot at the title every year, rather than delaying gratification for years to come.
Members of the House of Representatives are like those sports fans. For them, there often is no tomorrow, as they must stand for reelection every two years. Their terms are always about to end. So they are happy to try to give handouts to voters in any way they can.
That is a reason why lawmakers jump at ideas like price controls. They think if they can set a ceiling on the prices of things that voters want and need, they can get credit at the ballot box. The fact that price increases will end up being paid by consumers never comes into play because lawmakers can always simply blame greedy companies.
On the other hand, consider the dilemma faced by pharmaceutical companies. They have to take the long view on everything because it takes more than a decade to develop, test, market, and deliver a medicine. They need government approval at every step of the way, and that is another reason lawmakers have real power over them. […]
— Read More: amgreatness.com
