On June 5, the National Highway Traffic Safety Administration (NHTSA) issued a watered down standard to guard against under-inflated tires -- which are linked to numerous deaths each year -- after its first attempt was rejected by OMB’s Office of Information and Regulatory Affairs (OIRA), which must approve all major regulatory actions.

If one of your tires is under-inflated, you may be in trouble. You are more likely to lose control of your vehicle. Your ability to steer and stop will be diminished. And it’s possible, especially if you drive an SUV, that your vehicle could roll over. The National Highway Traffic Safety Administration (NHTSA) estimates that hundreds of people die each year as a result of under-inflated tires.

How much is a human life worth? What is the dollar value of an IQ point or avoided disease? What is the economic benefit of a clear view of the Grand Canyon? Or protecting our national bird, the bald eagle, and other endangered species? Ask these questions of almost anyone, and you’re likely to get a puzzled response. These are not things bought and sold on the open market. They speak to our values as people and a society. Assigning a price tag to a child’s IQ, for example, will strike many as morally repugnant.