Wednesday, June 10, 2009


Thought of the Day

Aside from the general level of disgust that Americans have for congressmen, there's the question of whether there is anything that Congress does well. What about Social Security and Medicare? Congress has allowed Social Security and Medicare to accumulate an unfunded liability of $101 trillion. That means in order to pay promised elderly entitlement benefits, Congress would have to put trillions in the bank today earning interest. Congressional efforts to create "affordable housing" have created today's financial calamity. Congress props up failed enterprises such as Amtrak and the U.S. Postal Service with huge cash subsidies, and subsidies in the forms of special tax treatment and monopoly rights. I can't think of anything that Congress does well yet we Americans call for them to take greater control over important areas of our lives.

Walter Williams


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