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I'm typically of the opinion that government should stay out of the way of the market, and this is no exception. However, there is a chance this regulation will pay for itself. Not only is it expected to save lives, but it should also prevent many injuries. Then there is property that will be kept from damage due to increased visibility. It seems more cars over a certain age have rear bumper damage from feeling their way around the parking lot.
While I don't think it's necessary to require backup cameras, there is an endless list of other things the government has no business fooling with (especially subsidies).
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