“There is nothing new under the sun,” according to the book of Ecclesiastes, and that’s especially true for bad public policy. L

egislators love recycling old, failed laws and presenting them as innovative, forward-looking initiatives. We are in the midst of one of those vicious cycles, or to quote Yogi Berra, “It’s like déjà vu all over again.”

“America is in a cost crisis when it comes to home and auto insurance,” the Wall Street Journal recently noted. “A number of states have a controversial answer: price controls.” While insurance rates have been increasing, limiting insurers’ ability to turn a profit by implementing price controls is clearly a terrible—albeit not a new—idea.

“Illinois lawmakers are considering a ban on home insurers hiking rates because of catastrophes in other st

See Full Page