Debt ceiling solution - The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin

[TEOTWAWKI inc.]

Printer is broken.

Does the mint still work?

Retards.

The Biden administration could sidestep McConnell's refusal to pay America's bills by minting a $1 trillion platinum coin

The government could technically mint a coin and decide it's worth $1 trillion. No more debt-ceiling standoff.

www.businessinsider.com

 

[dsdmmat]

Yeah this has been talked about by liberals for a while. Mint a shit ton of trillion dollar coins then pay off the national debt. Problem being nobody will take it for their debt and then the rest of US currency will be worth zero on the world’s stage.

 

[kev74]

We could shave a lot of debt by holding China financially responsible for unleashing biological warfare on the US and the rest of the world.

 

[togmaster]

The Biden administration and Democrats are pressuring Republicans to back down, ruling out raising the debt limit on their own and reminding the GOP they played a role racking up $8 trillion in new debt under the Trump administration.

Still the other guy's fault.

 

[TEOTWAWKI inc.]

The Biden administration and Democrats are pressuring Republicans to back down, ruling out raising the debt limit on their own and reminding the GOP they played a role racking up $8 trillion in new debt under the Trump administration.

Still the other guy's fault.

Biden doesn't even know how many 0's there are in a trillion, and I'm pretty sure he put ~6 trillion debt on our books in his first couple months in office.

 

[Saltwater60]

I have a great idea why do t we tax the rich people and corporations more so we can spend more $$… this will certainly help. I’m thinking like 3.5 Trillion.

 

[SomeSoldier]

We could shave a lot of debt by holding China financially responsible for unleashing biological warfare on the US and the rest of the world.

This would be my solution but unfortunately Xiden in the White House

 

[livingston]

We could shave a lot of debt by holding China financially responsible for unleashing biological warfare on the US and the rest of the world.

Then the truth would come out about our involvement in creating this mess

 

[ManrisFrack]

Then the truth would come out about our involvement in creating this mess

And the US would be next on the block.

"Oh what a tangled web we weave..."

 

[GOPerfect]

I can solve all of the monetary issues of the US.

I am not a smart man, but even I can fix this problem. I think it would be easy to do.

I will put my plan forward later today

Getting gas and shopping right now.

 

[TEOTWAWKI inc.]

I can solve all of the monetary issues of the US.

I am not a smart man, but even I can fix this problem. I think it would be easy to do.

I will put my plan forward later today

Getting gas and shopping right now.

Whats the plan?

 

[Drinkthekoolaid]

Just do it already and get it over with.......

 

[GOPerfect]

Whats the plan?

It is going to be done a little bit later I'm driving around right now.
Don't get too excited it's a very very simple plan.

 

[TEOTWAWKI inc.]

Maybe I will start stamping a '$' on all of my change. Quarters will have the largest return on my labor.

The metal stamp is only 58 paper dollars.

I'm going to be rich.

 

[GOPerfect]

Money is a simple commodity to deal with. Nothing difficult about managing cash flow.

If you earn $1000 per week, whether working, gambling; however you bring home money. You have a grand each week to work with. You have rent, utilities, auto, insurance and the like.

We all have bills to pay in one form or another. So, you take your four grand a month and you create a budget, on paper or in your mind, a budget is a budget. If at the end of the month, you have extra, maybe you will splurge on yourself or maybe you will save or give some to the lessor's that are around you.

If at the end of the month, that four grand seems to be never enough, you cut something out of your daily life. The key is to spend either what you earn or less than your earn. I always spend less than I earn in order to save for the down the road moment.

All governments can do the same; and they should. Maybe cut out ALL unneeded spending. All of it. Tax payers should not be on the hook to pay for everything in life.

I would start by cutting. Serious cutting. Really serious cutting. I have a list, this may or may not be a complete list and it is not in any particular order. All should be slashed from the Federal, State and local budgets.

All public funding to foreign nations. All of it to include aid and wars.

All public funding of welfare and free housing.

All food stamp programs.

All public funding of free medical programs.

All public funding of the Arts and museums.

All public funding of professional sports. No tax payer money for stadiums for example.

All public funding of corporations.

All public funding of Narcan.

All public funding that motivates people to stay lazy and unmotivated.

Open up more public lands for drilling and exploration and charge these companies a fair value amount.

Charge people that use public services more. Golf courses are just one example. Most people do not use these courses, but millions upon millions are spent using the general funds. Charge the golfers more to golf. If they do not want to pay, shut the courses down and do something better with the land.

No public money used for relief funds because someone wanted to build their house a foot away from the ocean or below sea level.

Go back to a bit of self respect and responsibilities. If you fail, you fail. Do more in life to succeed. Stop being a slug upon society.

If other nations cannot succeed, well, tough shit. Sure many may die, many may suffer; I am tired of taking care of all others.

I could save trillions of dollars just by cutting the way we spend.

 

[GOPerfect]

I would also look into completely closing the boarders. No, I would not look into it, I would close them. All in the World would know that the US no longer wants the tired, the sick and the poor.

On the Statute of Liberty the following it written:

"Give me your tired, your poor, Your huddled masses yearning to breathe free, The wretched refuse of your teeming shore.

I would have that inscription altered or covered up.

You may come to this once great nation as an immigrant. You will do it the way we want. Most Countries have serious rules to become a resident/slash citizen. We need to learn from these other places.

Once here, through legal means, we the tax payer would not be responsible for any of them. Nothing free to them at all. If their succeed, the succeed on their own. If they fail, oh well.

My empathy for others is 100% gone.

 

[GOPerfect]

Oh, I would also force all agencies of Government to cut their workforce by at least 20%

 

[SonOfSun]

We could shave a lot of debt by holding China financially responsible for unleashing biological warfare on the US and the rest of the world.

And how would that work? America just decides they owe us money? Yeah OK, I'm sure they will start paying up right away, lol.

 

[dsdmmat]

Oh, I would also force all agencies of Government to cut their workforce by at least 20%

The only legitimate agencies we have are the department of defense and the department of commerce

One is for the executive branch’s responsibility for providing the common defense and the other is for providing structure for the legislative branch’s responsibility for regulating interstate commerce. Everything else can be done away with.

 

[SonOfSun]

Yeah this has been talked about by liberals for a while. Mint a shit ton of trillion dollar coins then pay off the national debt. Problem being nobody will take it for their debt and then the rest of US currency will be worth zero on the world’s stage.

I don't know of anyone that is actually taken seriously that has ever floated that idea. In fact, I've never even heard of that idea until now, probably because it's an embarassingly poor idea that has obvious glaring issues.

 

[dsdmmat]

I don't know of anyone that is actually taken seriously that has ever floated that idea. In fact, I've never even heard of that idea until now, probably because it's an embarassinly poor idea that has obvious glaring issues.

I have heard it floated for a few years, usually it is someone connected to the likes of AOC spouting it off.

 

[SonOfSun]

I have heard it floated for a few years, usually it is someone connected to the likes of AOC spouting it off.

That explains that. I don't pay attention to anything she or her underlings say because they're loons. I don't know anyone that takes her seriously. Not saying some people that do aren't out there, just I don't know any of them.

 

[TEOTWAWKI inc.]

Money is a simple commodity to deal with. Nothing difficult about managing cash flow.

If you earn $1000 per week, whether working, gambling; however you bring home money. You have a grand each week to work with. You have rent, utilities, auto, insurance and the like.

We all have bills to pay in one form or another. So, you take your four grand a month and you create a budget, on paper or in your mind, a budget is a budget. If at the end of the month, you have extra, maybe you will splurge on yourself or maybe you will save or give some to the lessor's that are around you.

If at the end of the month, that four grand seems to be never enough, you cut something out of your daily life. The key is to spend either what you earn or less than your earn. I always spend less than I earn in order to save for the down the road moment.

All governments can do the same; and they should. Maybe cut out ALL unneeded spending. All of it. Tax payers should not be on the hook to pay for everything in life.

I would start by cutting. Serious cutting. Really serious cutting. I have a list, this may or may not be a complete list and it is not in any particular order. All should be slashed from the Federal, State and local budgets.

All public funding to foreign nations. All of it to include aid and wars.

All public funding of welfare and free housing.

All food stamp programs.

All public funding of free medical programs.

All public funding of the Arts and museums.

All public funding of professional sports. No tax payer money for stadiums for example.

All public funding of corporations.

All public funding of Narcan.

All public funding that motivates people to stay lazy and unmotivated.

Open up more public lands for drilling and exploration and charge these companies a fair value amount.

Charge people that use public services more. Golf courses are just one example. Most people do not use these courses, but millions upon millions are spent using the general funds. Charge the golfers more to golf. If they do not want to pay, shut the courses down and do something better with the land.

No public money used for relief funds because someone wanted to build their house a foot away from the ocean or below sea level.

Go back to a bit of self respect and responsibilities. If you fail, you fail. Do more in life to succeed. Stop being a slug upon society.

If other nations cannot succeed, well, tough shit. Sure many may die, many may suffer; I am tired of taking care of all others.

I could save trillions of dollars just by cutting the way we spend.

Most of this should really just be common sense. My young kids have never even had a hard time understanding that they cannot spend money they don't have.

This list is great for the first cut, but it is time to go even deeper. Nothing should be exempt from the chopping block.

I would like to see budgets voted on line by line, with each line broken out into a detailed list of costs. No more omnibus bills.

There are trillions on the table that could simply be trimmed a little over time, but the big cuts needed to happen yesterday - Entire agencies and programs completely eliminated.

Democrats and Republicans, fiscally, are equally reprehensible, and without fundamental change, we will just keep racing to the bottom.

I try not to get too worked up over it. Even if I am not fully prepared for whatever is coming, I have come to terms with what the outcome might be.

 

[spat]

Whats the plan?

Don't know what his plan is, but my plan would involve shitcanning the 70% of the federal agencies that aren't authorized under the constitution.

That should solve the problem easily.

Bonus, it would solve the labor shortage too with all those guys looking for jobs.

A bunch of people with no useful skills or any meaningful way to contribute to society would probably starve.


It's a win/win/win situation....

 

[GOPerfect]

Don't know what his plan is, but my plan would involve shitcanning the 70% of the federal agencies that aren't authorized under the constitution.

That should solve the problem easily.

Bonus, it would solve the labor shortage too with all those guys looking for jobs.

A bunch of people with no useful skills or any meaningful way to contribute to society would probably starve.


It's a win/win/win situation....

There will always be some agencies that need to stay that are not listed in the Constitution. I do like the 70% number. Some agencies are useful to all of America. This would be a great start. State and local fall into this as well. There are many State, County and Local agencies and departments that should have no for their existence.

A simple one, think of how many jobs could be eliminated overnight; the County Pistol Permit offices. In this case, just follow the Constitution and understand there is no need for a permit to own a gun, so those jobs are no longer needed. Erie county employees 9 people in this particular office. That is nearly a million dollars per year to keep that office running. Waste, fraud and serious abuse.

 

[TEOTWAWKI inc.]

Don't know what his plan is, but my plan would involve shitcanning the 70% of the federal agencies that aren't authorized under the constitution.

That should solve the problem easily.

Bonus, it would solve the labor shortage too with all those guys looking for jobs.

A bunch of people with no useful skills or any meaningful way to contribute to society would probably starve.


It's a win/win/win situation....

The most meaningful change would be to remove the people that keep making the problem worse. By force if necessary.

The debt has been growing out of control for over 80 years, and on a steep incline the last 40 years. The last few administrations have grown it exponentially. This one wants to mint a magical coin.

I really don't care how hard we hit, but it has to stop.

 

[spat]

I don't know of anyone that is actually taken seriously that has ever floated that idea. In fact, I've never even heard of that idea until now, probably because it's an embarassingly poor idea that has obvious glaring issues.

I think the media drags it out every time there is the "will we raise the debt ceiling" question.

I also don't think anyone ever takes it seriously, other than a few reporters who report on things they have no idea about.

Here's a few articles from the last few times this has come up. Note that these articles are separate instances of the idea resurfacing in different years, not just one crackpot mentioning it and all the media dog piling on a single story as is their fashion.

https://www.washingtonpost.com/news/wonk/wp/2013/01/12/treasury-we-wont-mint-a-platinum-coin-to-sidestep-the-debt-ceiling/

The $5 Trillion Coin: Gimmicks the government could use to resolve the debt-ceiling debacle.

The countdown clock to the Debtpocalypse now stands at four days, give or take. Soon, the Treasury will start receiving bills it cannot pay, and the...

slate.com

The Trillion-Dollar Coin

Everything that's true about history, etymology, food, pop culture, and stuff that's even better.

www.trueorbetter.com

The idea should be taken as seriously as AOC's train to Hawaii.

 

[spat]

I have heard it floated for a few years, usually it is someone connected to the likes of AOC spouting it off.

It goes back at least as far as the first Clinton administration.

Seems to come up every time the left wants to spend money we don't have and the right manages to pull themselves together long enough to say "that's too insane even for us".

 

[meketrefe]

We could shave a lot of debt by holding China financially responsible for unleashing biological warfare on the US and the rest of the world.

Or balancing the trade budget as Clinton preached and signed back in the 90s

 

[repete]

And how would that work? America just decides they owe us money? Yeah OK, I'm sure they will start paying up right away, lol.

NO, we would just reduce the amount we owe them. Kinda like when you loan money to a 'friend' and then he says "fuck you"!