The Liberty Papers

Walter Williams asks a question that, unfortunately, nobody in power bothers to ask anymore:

A president has no power to raise or lower taxes. He can propose tax measures or veto them, but since Congress can ignore presidential proposals and override a presidential veto, it has the ultimate taxing power.

The same principle applies to spending. A president cannot spend a dime that Congress does not first appropriate. As such, presidents cannot be held responsible for budget deficits or surpluses. That means that credit for a budget surplus or blame for budget deficits rests on the congressional majority at the time.

Thinking about today’s massive deficits, we might ask: Where in the U.S. Constitution is Congress given the authority to do anything about the economy?

Or, more specifically, where is the Federal Government given the authority to bailout private lending institutions, bailout failing auto companies, and take over the health care industries ?

I’ve searched high and low in Article I, Section 8 and I sure as heck can’t find it.

Of course, I’m probably not using the modern translation.