In 1980, CNN, Post-it Notes, fax machines, camcorders, and Charles Sauer (that’s me!) all made their debut, and for the first time since 1887, the rail industry was deregulated. Fast-forward to today and CNN has many more competitors, fax machines have been surpassed and their technology incorporated into other products, and camcorders are not only cheaper — almost all of us carry a better quality one in our pockets. Also, rail rates are 44% lower, and the market is flourishing.

That is what happens in competitive markets: Competition starts driving down prices, while at the same time, the service usually increases. However, things that happened 40 years ago are hard to remember today. When it comes to public policy, that is a problem.