WEDNESDAY, JANUARY 18, 2012
Walter Williams - Presidential Nonsense
Last week, President Barack Obama, at a Capital Hilton fundraising event, told the crowd, "We can't go back to this brand of you're-on-your-own economics." Throughout my professional career as an economist, I've never come across the theory of "you're-on-your-own economics."
I'm guessing what the president means by -- and finds offensive in -- "you're-on-your-own economics" is that it's a system in which people are held responsible for their actions, that they take risks and must live with the results, that people can't force others to pay for their mistakes, and that they can't live at the expense of other people.
President Obama's vision was shared by our Pilgrim Fathers of the Plymouth Colony in modern-day Massachusetts. They established a communist system. They all farmed together, and whatever they produced was put in a common storehouse. A certain amount of food was rationed to each person regardless of his contribution to the work. Many Pilgrims complained that they were too weak from hunger to do their share of the work. As deeply religious as the Pilgrims were, they took to stealing from one another. Gov. William Bradford, writing his history of the colony in "Of Plymouth Plantation," said, "So as it well appeared that famine must still ensue, the next year also if not some way prevented."
In 1623, after much debate, a new system was set up, in which every family was assigned a parcel of land, and whatever they produced belonged to the family. Gov. Bradford then observed, "The women now went willingly into the field, and took their little ones with them to set corn; which before would allege weakness and inability; whom to have compelled would have been thought great tyranny and oppression." After Gov. Bradford's establishment of what Obama calls "you're-on-your-own economics," harvests were so bountiful that Bradford is credited with establishing what we now call Thanksgiving. More
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