In light of today's massive bailout of Wall Street, which the Congress and the President have been hammering out over the weekend, I thought it fitting to post these words of Dr. Williams on government and economics:
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?
Dr. Williams goes on to state that the mess which Congress has created in the markets is not the taxpayers' doing, yet it is the taxpayers who will surely pay the costs of bailing out Wall Street.
The article is a MUST-read, and it is entitled, 'Stubborn Ignorance.'
Dr. Williams does an excellent job in shedding light on the problems the nation faces in the markets and the wrong-headed notion of a massive, taxpayer-funded bailout.
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