Dr. Walter Williams, renowned Economist (and close friend of Thomas Sowell), writing at Townhall.Com today:
"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."
"Let's try a few survival of the fittest questions. Which companies do you think should survive and expand, those that can meet the changing wants of their customers in a least-cost fashion or those that cannot do so? If the means of communication become cheaper through fax machines, the Internet and telephones, should subsidies be expended to help the U.S. Postal Service survive? Years ago, typing was done on a mechanical typewriter; milk was delivered to doorsteps via horse and wagon; slide rules were used to make calculations. Should any of these products and practices have survived, or was it OK for natural selection to consign them to the dustbin of history?"H/T: rutusmc
