The Obama Administration has enacted another set of rules that I like. Namely, the Food and Drug Administration is requiring a whole new group of food providers to post nutrition information about the foods they sell. Now covered are: airlines, trains, grocery-store food courts, movie theaters, and convenience stores. Technically any food outlet with more than 20 locations is required to post the data.
Analysis: Why am I an advocate for these new rules? I am always for increasing the amount of information that both businesses and consumers have in order to make more effective decisions. Yes, direct, measurable, hard data costs will increase for the food providers. However, net, indirect costs to the economy should decrease. The reason is that poor nutrition has enormous economic costs in terms of health care, insurance, and lost work hours to employers. Obviously the food sold at movie theaters is bad for people. But how about that grocery-store salad bar’s food? Anything that allows folks to make a more informed decision is a good thing in my book.
Importance grade: 4; I would like to think that these new rules would end the obesity epidemic and its drag on economic growth. However, I am no idiot. Personal responsibility still trumps access to information. However, more information does allow for more informed decisions. It also allows for more options in terms of consumer choices. More options is always more valuable.
Jason
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