I propose a truth-in-legislation bill to be titled the Motherhood and Apple Pie Act.
The title has nothing to do with the bill – which is the point! But who would dare to vote against motherhood and/or apple pie? The bill would require the title of a law passed by Congress and signed by the president to reflect the actual requirements in the law. Consider:
• Sarbanes-Oxley: Public Company Accounting Reform and Investor Protection Act. Note: The federal government does not use generally accepted accounting practices, and Politburo members may trade assets based on insider trading. Why so quiet, Martha Stewart? What was the Securities and Exchange Commission for?
• Obamacare: Patient Protection and Affordable Care Act. Note: It doesn’t protect patients, nor is it affordable.
• Dodd-Frank: Wall Street Reform and Consumer Protection Act. Note: Congressmen Chris Dodd and Barney Frank were the foxes guarding the chicken coop!
Each of these increases Politburo control over areas in which government had enacted legislation, which caused more harm than good.
The Federal Reserve System was created in 1913 to control monetary policy to:
• maximize employment – but unemployment averaged more than 17 percent under FDR and 9 percent under Obama;
• maintain stable prices – but an item costing $1 in 1913 now costs $23, a 2,199.6 percent increase;
• moderate long-term interest rates – but they rose to more than 18 percent under Carter, creating bubbles for the Internet, housing, Wall Street and the auto industry under Congress and the Fed under chairmen Alan Greenspan and Ben Bernanke.
How is that going for everyone? The reason that price and rent controls do not work is that millions of buyers and sellers set prices in the free-market economy, and the Politburo can control only thousands with their centralized-planning four-year plans. That control seems to help “friends” rather than the American people. Rent controls create slumlords who have no incentive to maintain properties. New York City, anyone?
North Augusta, S.C.