THE LAST WORD
George F. Will
Questions for Obama
Have you told young couples straining to buy their first home that declining prices of houses are a misfortune?
Senator, concerning the criteria by which you will nominate judges, you said: "We need somebody who's got the heart, the empathy, to recognize what it's like to be a young teenage mom. The empathy to understand what it's like to be poor, or African-American, or gay, or disabled, or old." Such sensitivities might serve an admirable legislator, but what have they to do with judging? Should a judge side with whichever party in a controversy stirs his or her empathy? Is such personalization of the judicial function inimical to the rule of law?
• Voting against the confirmation of Chief Justice John Roberts, you said: Deciding "truly difficult cases" should involve "one's deepest values, one's core concerns, one's broader perspectives on how the world works, and the depth and breadth of one's empathy." Is that not essentially how Chief Justice Roger Taney decided the Dred Scott case? Should other factors—say, the language of the constitutional or statutory provision at issue—matter?
• You say, "The insurance companies, the drug companies, they're not going to give up their profits easily when it comes to health care." Why should they? Who will profit from making those industries unprofitable? When pharmaceutical companies have given up their profits, who will fund pharmaceutical innovations, without which there will be much preventable suffering and death? What other industries should "give up their profits"?
• ExxonMobil's 2007 profit of $40.6 billion annoys you. Do you know that its profit, relative to its revenue, was smaller than Microsoft's and many other corporations'? And that reducing ExxonMobil's profits will injure people who participate in mu-tual funds, index funds and pension funds that own 52 percent of the company?
• You say John McCain is content to "watch [Americans'] home prices decline." So, government should prop up housing prices generally? How? Why? Were prices ideal before the bubble popped? How does a senator know ideal prices? Have you explained to young couples straining to buy their first house that declining prices are a misfortune?
• Telling young people "don't go into corporate America," your wife, Michelle, urged them to become social workers or others in "the helping industry," not "the moneymaking industry." Given that the moneymakers pay for 100 percent of American jobs, in both public and private sectors, is it not helpful?
• Michelle, who was born in 1964, says that most Americans' lives have "gotten progressively worse since I was a little girl." Since 1960, real per capita income has increased 143 percent, life expectancy has increased by seven years, infant mortality has declined 74 percent, deaths from heart disease have been halved, childhood leukemia has stopped being a death sentence, depression has become a treatable disease, air and water pollution have been drastically reduced, the number of women earning a bachelor's degree has more than doubled, the rate of homeownership has increased 10.2 percent, the size of the average American home has doubled, the percentage of homes with air conditioning has risen from 12 to 77, the portion of Americans who own shares of stock has quintupled … Has your wife perhaps missed some pertinent developments in this country that she calls "just downright mean"?
• You favor raising the capital gains tax rate to "20 percent or 25 percent." You say this will not "distort" economic decision making. Your tax returns on your 2007 income of $4.2 million show that you and Michelle own few stocks. Are you sure you understand how investors make decisions?
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Member Comments
Posted By: L-Boy @ 05/30/2008 1:56:16 AM
Comment: I found this column highly dissappointing . Among my issues with his rant:
1. Drug cos- The point is that drug companies essentially get a limited monopoly on new drugs, and they are allowed to charge whatever they want, and the govt agrees to pay whatever they want, and the govt is not allowed to negotiate price at all, so its all just a big subsidization to the drug companies. The fact that he did not address this particular point makes him either dishonest or ill informed.
2IExxon - I guess this tells me that Will really doesn't understand company financials. Profit as a percent of revenue is not terribly meaningful. Profit as a percent on investment is more meaningful, and their ROE's are in the 30's, which is very high. Only other industry's with that kind of ROE I can think of are Pharma (due to monopoly and govt subsidizaton) and Microsoft (effective monopoly) As far as ownership of mutual funds, a vast majority of that ownership is upper income folk.
3.Increase in per capita income - the MEDIAN FAMILY income has only increased about 1% year since 1970, and most or all of that increase can probably be attributed to more females entering the work force, so effective individual MEDIAN incomes have been flat or declining for almost 40 years. To throw out per capita income, which is a function of a mean/average does not address the point that "most americans lives have gotten worse". Also, I have seen statistics that over the past 30 years, the median retirement savings, when you take into account personal savings, pensions, and social security has also gotten worse. In terms of the size of the american home, how much of that is just due to borrowing more?
4. Cap gains -Over the long run capital gains tax cuts don't typically increase revenue. There is little evidence to suggest a 20 or 25% cap gains tax rate would hurt govt revenue or the economy. Even Greenspan has said as much.
5. FICA Issue - When I first saw the print edition, where Will Asserts that a married couple making a combined income of about $140K would end up paying more FICA. I thought at the time surely he is not so ignorant as to realize that the FICA cap was PER PERSON, not per couple, but I guess he was wrong (he IS that ignorant).
Posted By: olderwiser @ 05/27/2008 1:00:39 PM
Comment: Anyway, George, I am grateful for the opportunity that you gave me to write a tome or two. I always like to read your extremely well written articles wherever I can find them. Maybe after the election's over we can go fishing together and let you get even with me while I try to catch a fish.
¿Quien sabe?
Posted By: olderwiser @ 05/27/2008 12:55:34 PM
Comment: How sad it is to see children in Afghanistan and Iraq just sit there and rock back and forth studying in an educational system with just one measly book. That, George is faith based education, and that is where faith based education always leads. Fewer and fewer books, and instead of trusting in campaign promises, trusting in what might fall from the sky where you know whom lives. The Big President in the sky. The left has sense enough to leave that crap separate from government where it belongs. Among faithful families doing it their way and not the government way.
Left, George, left. And there's little that you can do about it.