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Wonking Out: Biden Should Ignore the Debt Limit and Mint a $1 Trillion Coin

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From commons.wikimedia.org: The $1 Trillion dollar coin idea may have been made obsolete by inflation. Maybe a $1 quadrillion coin now is better?
The $1 Trillion dollar coin idea may have been made obsolete by inflation. Maybe a $1 quadrillion coin now is better?
(Image by Wikipedia (commons.wikimedia.org), Author: United States Mint)
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"Now is the time for some courageous gimmickry.

The fact that Republicans routinely say such nonsense is why the Biden administration should mint a $1 trillion platinum coin or declare that the Constitution gives it the right to issue whatever debt is needed to fund the government — or use some other trick I haven’t thought of to ignore the looming crisis."

Good options here.  I would add the Dems could make the silly self-imposed debt limit - not even a law, just a Congressional rule - irrelevant by raising the limit to $1 quadrillion.

Read the rest of the story HERE:

At www.nytimes.com

 

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Scott Baker Social Media Pages: Facebook Page       Twitter Page       Linked In Page       Instagram Page

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

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Scott Baker

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There are many way, and many reasons, to abolish the debt ceiling. I wonked out about them here.

Submitted on Friday, Oct 1, 2021 at 1:52:07 PM

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