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When I first heard about the idea of minting a $1 trillion platinum debt coin my first reaction was to think this was a joke. Maybe someone with more of an economics background could explain to me how this could actually be the answer to our debt problems.
Any kind of Monopoly money could be used by the Executive branch to bypass the Legislative branch fiscal authority. No need to mint anything if you want to ignore the rules that try to establish checks and balances.
The trillion dollar coin is a ridiculous idea in response to a ridiculous threat from Republicans to destroy the nation's credit rating by holding the nation's credit rating hostage via an unconstitutional threat to refuse to pay the bills they are largely responsible for incurring.
Republicans like to portray themselves as protecting the constitution but only when they agree with it.
Quote:
The Fourteenth Amendment
Section 4. The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.
What if somebody makes a counterfeit one?
If there were any real ones, imagine what a gang of thieves would do to steal it?
It will open up a whole new sub-genre of films about heist capers, complete with car chases.
Why would it need to be a coin, instead of a bill, like Zimbabwe?
The trillion dollar coin is a ridiculous idea in response to a ridiculous threat from Republicans to destroy the nation's credit rating by holding the nation's credit rating hostage via an unconstitutional threat to refuse to pay the bills they are largely responsible for incurring.
Republicans like to portray themselves as protecting the constitution but only when they agree with it.
The US Senate, dominated by the Democrats, hasn't passed a budget in over 1,360 days (that is 3.73 years). They are the irresponsible ones, not wanting the US to live within a budget. And then they encourage the President to make an end-run around the US House of Representatives by issuing executive orders.
Since the Senate Dems don't want to do their jobs -the jobs they were elected to perform- why don't they resign and let some Republican law-makers take their places in providing the checks and balances needed against this demagogue Obama?
Obama's profligate spending is what is ruining this country's credit. He refuses to discuss spending cuts because he has NO plans on reducing spending. He figures that he has only 2 years, or 4 at most, to force his Socialist agenda on the American people. Then he can go back to Kenya, or Chicago, and live out his days as a Tribal Chieftain. Of the $16.5 trillion debt rung up by the USA, Obama is responsible for 35% of it. That is more than the first 43 presidents combined.
Obama's profligate spending is what is ruining this country's credit.
Call Sherman and ask him to wind up Mr Peabody's way back machine.
When you get back there be sure to ask about all the war bonds and special taxing measures.
Call Sherman and ask him to wind up Mr Peabody's way back machine.
When you get back there be sure to ask about all the war bonds and special taxing measures.
At the end of Bush's term in 2008, the national debt was $10 trillion. At the end of Obama's first term, the debt is $16.5 trillion; thus Obama is responsible for 39% of the national debt. The debt has grown fastest when Democrats control Congress (~64%), whereas a Republican-controlled Congress (12%) and split Congress (24%) is much better for the nation's finances.
Maybe you should take that time machine back to grade school and learn about fractions and percentages again.
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