Congressional Problem Creation
by Walter E. Williams
Most of the great problems we face are caused by politicians creating solutions to problems they created in the first place. Politicians and a large percentage of the public lose sight of the unavoidable fact that for every created benefit, there's also a created cost or, as Nobel Laureate Milton Friedman put it, "There's no free lunch." While the person who receives the benefit might not pay or even be aware of the cost, but as sure as night follows day, there is a cost borne by so ...
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Posted by: Jeff
Comment: #1
Thu May 15, 2008 7:24 AM
Maybe the law of unintended consequences (there is no free lunch) can have a positive consequence? A reporter allowed a rare visit to North Korea noted there are no obese people there (long-term food shortages). Maybe much higher food prices will result in a reduction in obesity in America and thus a reduction in the huge medical costs associated with obesity ? The era of the "land of plenty" has ended.
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Posted by: Spork
Comment: #2
Wed May 14, 2008 10:45 AM
I couldn't agree more.
What is not mentioned here is that ethanol is THE key contributor to high gas prices as well. It is estimated that it takes 1.3 gallons of fossil fuels to make each gallon of ethanol. (Fossil fuels are used in fertilizer, tractor fuel, trucking fuels, processing, etc. And you cannot pipeline the stuff -- it has to be trucked everywhere.) This net loss not only drives up demand for fossil fuel -- it is all done in the name of "becoming independent from foreign oil." I am not sure how burning more foreign oil makes us less dependent.
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