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March 19, 2010
Rabbi Berel Wein: The Divine is in the details
JWisdom.com Stewards of sacrifice with Rabbi Sroy Levitansky (5 minutes)
Caroline B. Glick: Why Obama is waging war on Israel
March 18, 2010
Cal Thomas: Israel's New Enemy: America?
JWisdom.com Love me not? with Rabbi David Aaron (5 minutes)
Jonathan Rosenblum: Washington Throws a Tantrum
March 17, 2010
Rabbi Yonason Goldson: Orwell, Santayana, and Me
Jonathan Tobin: How Many Lives Is Biden's Pride Worth?
March 16, 2010
Steven Emerson: Combating Lawfare
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
The Jewish Ethicist By Rabbi Dr. Asher Meir: Father's obligations toward minor children
JWisdom.com Moody, Grumpy, Irritable Children with Sarah Chana Radcliffe (5 minutes)
Judith Graham: Get the whole picture before a CT
March 12, 2010
Rabbi David Aaron: You CAN have Heaven on Earth
JWisdom.com Manufacturing mediums with Rabbi Sroy Levitansky (4 minutes)
Caroline B. Glick: The march of the Red-Green brigades
March 11, 2010
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)
The Kosher Gourmet by Linda Gassenheimer : Turn leftovers into tasty New England hash
Paul Richter: Biden promises 'viable Palestine' is in the offing
March 10, 2010
Paul Greenberg: Death Checks In
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
Richard A. Serrano: 'Jihad Jane' indictment alleges threat from within U.S.
March 9, 2010
Wesley Pruden: Joe's Israeli adventure
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
The Jewish Ethicist by Rabbi Dr. Asher Meir: Make a fuss about those who cuss?
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
Rabbi Berel Wein: Golden Calf still with us --- except it has multiplied
JWisdom.com The Limits of Eternity with Rabbi Sroy Levitansky ( 4 MINUTES)
Caroline B. Glick: Biden's lost cause
March 4, 2010
Alan M. Dershowitz: How About A Real Campaign Against Abuses?
JWisdom.com Using Things, Loving People with Rabbi Lawrence Hajioff ( 7 MINUTES)
Jordan "Gorf" Gorfinkel's Everything's Relative
March 3, 2010
JWisdom.com Grasping The Name of Your Life Game with Rabbi Warren Goldstein ( 8 MINUTES)
The Kosher Gourmet by Marialisa Calta : A cowboy's recipes for really good grub
March 2, 2010
Rabbi Avi Shafran: Someone's there
Diane Toroian Keaggy : Have we misunderstood Michelangelo?
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
Rabbi Francis Nataf: The Megilla of Spring
JWisdom.com A Biblical Secret for a More Powerful You with Rabbi Sroy Levitansky ( 5 MINUTES)
Caroline B. Glick: When rhetoric rules the roost
Feb. 25, 2010
The Jewish Ethicist By Rabbi Dr. Asher Meir: When walking away from your mortgage is both economically sound and makes ethical sense
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
Rabbi Avi Shafran: The gift of the ‘prayer bomber’
Steven Emerson: Why Religious Freedom Commission is under attack
Feb. 23, 2010
Dennis Prager: Government, Yes! The Divine and Parents, No!
JWisdom.com The Last Laugh of Enlightenment with Rabbi Yaakov Asher Sinclair ( 5 MINUTES)
Anne Applebaum: Prepare for war with Iran --- in case Israel strikes
Feb. 22, 2010
Rabbi Yonason Goldson: Is it not refreshing Tiger Woods' career has crashed and burned so dramatically?
JWisdom.com Esther and the third Truth with Rabbi David Aaron ( 9 MINUTES)
Kelly Brewington: Going smoke-free may raise diabetes risk
Feb. 19, 2010
Rabbi David Aaron: Is the Divine beyond us or within us?
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
Cal Thomas: Who is Rashad Hussain?
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
Anya Martin : Boy's 'cerebral palsy' fixed with diet
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
Herb Geduld: Lincoln and the Jews
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


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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."

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© 2006, Creators Syndicate.

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