
 |
|
March 19, 2010
JWisdom.com Stewards of sacrifice
with Rabbi Sroy Levitansky (5 minutes)
Caroline B. Glick: Why Obama is waging war on Israel
March 18, 2010
JWisdom.com Love me not?
with Rabbi David Aaron (5 minutes)
Jonathan Rosenblum: Washington Throws a Tantrum
March 17, 2010
JWisdom.com How to perform a miracle
with Rabbi Yaakov Asher Sinclair (4 minutes)
Anne Bayefsky: Behind Obama's Dangerous Overreaction on Israel
March 15, 2010
JWisdom.com Moody, Grumpy, Irritable Children
with Sarah Chana Radcliffe (5 minutes)
JWisdom.com Manufacturing mediums
with Rabbi Sroy Levitansky (4 minutes)
Glenn Garvin: Conspiracy theories, why people believe them and how they spread
JWisdom.com For Yourself, Not By Yourself
with Rabbi Lawrence Hajioff (8 minutes)
Paul Richter: Biden promises 'viable Palestine' is in the offing
March 10, 2010
JWisdom.com How To Get A (Real) Life
with Rabbi Warren Goldstein ( EXTENDED EPISODE)
Paul Richter: Israel exerts soverign right to its capital as Biden looks on astounded
March 9, 2010
JWisdom.com Free To Be (Responsibly) You and Me!
with Rabbi Naftali Brawer ( 8 MINUTES)
David G. Savage: Supreme Court to rule on free speech in case of soldier's funeral
March 8, 2010
JWisdom.com Finding or Losing Yourself? Here's How!
with Rabbi David Aaron ( 5 MINUTES)
Steven Emerson: America must learn from the UK about the future of Islamist subversion
March 5, 2010
JWisdom.com The Limits of Eternity
with Rabbi Sroy Levitansky ( 4 MINUTES)
March 4, 2010
JWisdom.com Using Things, Loving People
with Rabbi Lawrence Hajioff ( 7 MINUTES)
March 3, 2010
JWisdom.com Grasping The Name of Your Life Game
with Rabbi Warren Goldstein ( 8 MINUTES)
March 2, 2010
March 1, 2010
JWisdom.com Whole in One
with Rabbi David Aaron ( 5 MINUTES)
Michael Muskal: Hillary meets with Israeli official, discusses gefilte fish dispute
Feb. 26, 2010
JWisdom.com A Biblical Secret for a More Powerful You
with Rabbi Sroy Levitansky ( 5 MINUTES)
Feb. 25, 2010
JWisdom.com The Second Most Important Question in Your Life
with Rabbi Yehoshua Karsh ( 5 MINUTES)
Seema Mehta : U.S.-Israel relations raised in California's Senate race --- by conservatives
Feb. 24, 2010
Feb. 23, 2010
JWisdom.com The Last Laugh of Enlightenment
with Rabbi Yaakov Asher Sinclair ( 5 MINUTES)
Feb. 22, 2010
JWisdom.com Esther and the third Truth with Rabbi David Aaron ( 9 MINUTES)
Feb. 19, 2010
JWisdom.com Olympic Faith
with Rabbi Sroy Levitansky ( 5 MINUTES)
Caroline B. Glick: Israel and the West are perpetrators of a myth that endangers the Jewish State
Feb. 18, 2010
JWisdom.com A Wedding Disaster to Remember
with Rabbi Y.Y. Rubinstein ( 3 MINUTES)
Feb. 17, 2010
JWisdom.com Think your life is messed up?
with Rabbi David Aaron ( 11 MINUTES)
Greg Logan: 'Greatest Jewish sporting event of all time since David versus Goliath' may be postponed because of bar mitzvah
Feb. 16, 2010
JWisdom.com Feet On The Street Spirituality
with Gavriel Aryeh Sanders ( 8 MINUTES)
Marty Peretz: Let Europe Mind Its Own Business. It Brings Nothing To The Table Save For Mischief
Feb. 15, 2010
JWisdom.com Are Our Children Really Ours?
with Rabbi Mordechai Becher ( 5 MINUTES)
Susan King: 'Wolf Man' reflected writer's wartime Jewish experience
|
| |
Jewish World Review
Sept. 17, 2008 / 17 Elul 5768
Stubborn ignorance
By
Walter Williams
| 
|
|
|
|
http://www.JewishWorldReview.com |
Here's what the U.S. Constitution says: "All bills for raising Revenue shall originate in the House of Representatives; but the Senate may propose or concur with Amendments as on other Bills." How many times have we heard politicians, pundits and guardians of our news media say that President Bush cut taxes, or Obama is going to raise taxes?
The fact of the matter is that presidents have no power to raise or lower taxes. They can propose tax measures or veto them but it is Congress that has the ultimate power to raise or lower taxes since they can, with a two-thirds vote, override a presidential veto. The same principle applies to spending. Presidents cannot be held responsible for budget deficits or surpluses. A president cannot spend a dime that Congress does not first appropriate. Given these plain facts, are politicians, pundits and media people who persist in talking about a president cutting or raising taxes, or creating a budget deficit ignorant, stupid or deceptive?
Did President Clinton create more jobs, or did President Bush? Let's look at it. In 1996, I landed a job at Grove City College team teaching a course with one of its faculty members, Professor Dirk Mateer. I would like someone to tell me how President Clinton created that job for me. Did he call the college president and say, "Hire Williams"? Did he give Grove City College, a private college, resources to hire me? He surely didn't call me up and say, "Williams, there's a job waiting for you at Grove City College." So what precisely do people mean when they say this president or that president created jobs? You might argue, "You're right when it comes to a president creating jobs, but Congress can create jobs through appropriating money for infrastructure such as highways and bridges."
That's true in one sense and false in another. You can see this by asking, "Where does Congress get the money to create the jobs?" They won't get it from the Tooth Fairy or Santa Claus; they must get the money from taxpayers. That means if Congress collects $100 from a taxpayer for highway construction, he cannot use that $100 for some other expenditure that would have created a job. If Congress borrows the money for highway construction, it causes interest rates to be higher and therefore less job-creating investment. The bottom line is that Congress can only shift employment or unemployment but cannot create net new jobs.
Many politicians and pundits claim that the credit crunch and high mortgage foreclosure rate is an example of market failure and want government to step in to bail out creditors and borrowers at the expense of taxpayers who prudently managed their affairs. These financial problems are not market failures but government failure. The Community Reinvestment Act of 1977 is a federal law that intimidated lenders into offering credit throughout their entire market and discouraged them from restricting their credit services to low-risk markets, a practice sometimes called redlining.
The Federal Reserve Bank, keeping interest rates artificially low, gave buyers and builders incentive to buy and build, thereby producing the housing bubble. Lenders were willing to make creative interest-only loans, often high-risk "no doc" and "liar loans," in order to allow people to buy more housing than they could afford. Of course, with the expectation that housing prices will continue to rise, it was no problem for lenders and borrowers but housing prices began to fall, leaving some people with negative home equity and banks in trouble.
The credit crunch and foreclosure problems are failures of government policy. In fact, what we see now is a market correction to foolhardy government policy. Congress' move to bailout lenders and borrowers who made poor decisions will simply create incentives for people to make unwise decisions in the future. English philosopher Herbert Spencer said, "The ultimate result of shielding men from the effects of folly is to fill the world with fools."
Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.
Walter Williams Archives
© 2006, Creators Syndicate.
|
|

Arnold Ahlert
Mitch Albom
Michael Barone
Dave Barry
Tony Blankley
Andy Borowitz
David Broder
Stratfor Briefing
Mona Charen
Linda Chavez
Ann Coulter
Greg Crosby
Larry Elder
Suzanne Fields
John Fund
Frank J. Gaffney
Lloyd Garver
Jonah Goldberg
Julia Gorin
Jonathan Gurwitz
Paul Greenberg
Lewis Grossberger
Victor Davis Hanson
Froma Harrop
Betsy Hart
Nat Hentoff
David Horowitz
Laura Ingraham
Cheri Jacobus Jeff Jacoby
Paul Johnson
Jack Kelly
Ed Koch
Ch. Krauthammer
Michael Ledeen
John Leo
David Limbaugh
Kathryn Lopez
Rich Lowry
Michelle Malkin
Jackie Mason
Dick Morris
Bill O'Reilly
Jim Mullen
Clarence Page
Kathleen Parker
Dennis Prager
Wesley Pruden
Tom Purcell
Jonathan Rauch
Celia Rivenbark
Robert Robb
Cokie & Steve Roberts
Pat Sajak
Debra J. Saunders
Culture Shlock
Roger Simon
Michael Smerconish
Thomas Sowell
Mark Steyn
John Stossel
Cal Thomas
Bob Tyrrell
Diana West
Dave Weinbaum
George Will
Walter Williams
Byron York
Mort Zuckerman

Robert Arial
Chuck Asay
Baloo
Chip Bok
Dry Bones
Lisa Benson
John Branch
Gary Brookins
John Cole
J. D. Crowe
John Deering
Brian Duffy
Everything's Relative
Mallard Fillmore
Jake Fuller
Bob Gorrel
Joe Heller
David Hitch
Jerry Holber
Steve Kelley
Jeff Koterba
Dick Locher
Chan Lowe
Ranan R. Lurie
Jimmy Margulies
Rick McKee
Michael Ramirez
Kevin Siers
Jeff Stahler
Ed Stein
Danna Summers
John Trever
Gary Varvel
Kirk Walters

How 2
Lori Borgman
Elder matters
Fixit
Dr. Peter Gott
GET A JOB! by Marty Nemko
Richard Lederer
Tech Maven
Every Monday Matters
Nutrition Myths
Bookmark These
Bruce Williams
How Stuff Works
|