American Elephants


These Are Not Responsible People by The Elephant's Child

platinum_coin

I suggested that they were space aliens, inadvertently substituted for the sane Democrats we used to have. Their latest delusion is to eliminate the debt ceiling by minting a $1 trillion coin. Under this plan the U.S Treasury would use an obscure commemorative-coin law to mint at least one platinum coin, declare that it has the value of $1 trillion dollars and deposit it at the Federal Reserve.

And just how would that go over when the other nations of the world start minting their own coins and upping the ante. Perhaps I can just declare that my personal check ( I’ll decorate it) has a declared value of $1 million. The idea was just a joke, but now the moonbats are taking it seriously.

Rep. Jerrold Nadler (D-NY) last week said he was ‘absolutely serious” about pushing for the coin. Noble prizewinning economist and political hack Paul Krugman said Washington should be ready to take the step. A petition at whitehouse.gov asks the US Mint to make the coin. Rep. Greg Walden (R-OR) has announced he would introduce a bill to bar the Treasury from making such a move.  Here’s Krugman:

For those new to this, here’s the story. First of all, we have the weird and destructive institution of the debt ceiling; this lets Congress approve tax and spending bills that imply a large budget deficit — tax and spending bills the president is legally required to implement — and then lets Congress refuse to grant the president authority to borrow, preventing him from carrying out his legal duties and provoking a possibly catastrophic default.

The weird and destructive institution of the debt ceiling is the Constitution. Congress and only Congress has the power…to borrow money on the credit of the United States. We have a little problem of not having a coordinated package of taxation and spending plans, and a debt limit consistent with those plans. If we had one, it would be called a “budget” but we don’t have a budget , because in defiance of the law the Senate Democrats have refused to adopt one for nearly four years with the approval of Barack Obama.

Republicans have passed a budget. But they are being labelled by a compliant press as irresponsible in trying to stop the government from such reckless spending. Departing Treasury Secretary Tim Geithner believes we shouldn’t have any debt ceiling — that there should be no limit to government spending. And the president doesn’t think spending is a problem. The outgo is all because of the spiraling cost of healthcare, everything else is just fine.

According to The Hill, Democrats say they want to raise as much as $1 trillion  in new revenues through tax reform this year to balance Republican demands to slash mandatory spending. Maybe we could let them mint the coin, but forbid them from spending it. Would they be content with just looking at it every so often?

These are not serious people. How do you deal with people who are so entirely unserious?

 

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