Quotes of the day

Thomas Sowell suggested the administration’s recent effort to take credit for increased U.S. domestic energy production is disingenuous. “It’s true that there’s a lot more drilling going on now than a few years ago,” he said. “But all the drilling that’s going on is occurring on private land, under leases signed by the Bush administration and by earlier administrations. Obama himself has drastically cut back on federal leases, and on drilling on federal land.”

Sowell also believes the much-maligned gridlock in Washington, D.C., actually may be helping the economy. “What little economic improvement we’ve seen has come primarily during the period of so-called gridlock in Washington,” he said, “and I don’t think that’s accidental. I think most of the policies that have been followed have been detrimental. And now that you have gridlock in Washington and they can’t push these policies anymore, the economy is beginning to recover on its own -- as the economy has recovered on its own numerable times for the past two centuries.”

Thomas Sowell is calling for the abolishment of the Congressional Budget Office (CBO) after it revealed this week that Obamacare may cost American taxpayers nearly twice the $940 billion it originally estimated -- $1.7 trillion over the next decade. “I think occasionally the CBO does something that’s useful, but by and large, I think it should be abolished.”

Read more on Newsmax.com: Thomas Sowell to Newsmax: CBO Should Be Abolished