White House is considering minting a $1 trillion coin
I love Washington, D.C. It is the home of men and women who work two or three days a week in jobs they were elected to by the people. (This is according to our newly elected Rep. Rick Nolan.) They spend the rest of their week back home campaigning for their next election or off on expensive taxpayer funded junkets.
The latest outrage to come out of our nation’s capitol is one of the most outrageous, hair-brained schemes one has heard from the city of outrageous behavior.
One must first ask the question how this administration plans to handle the nation’s $16.45 trillion debt? Why of course they are floating a trial balloon that would ask the Treasury to mint a $1 trillion platinum coin. Sixteen of them would nearly pay off our nation’s debt.
Seriously? “But when asked whether the administration would rule out minting a coin, Press Secretary Jay Carney didn’t outright deny the option. ‘You can speculate a lot of things, (but) nothing needs to come to these speculative notions so long as Congress does its job,” he said.
Wow! What’s driving this kind of over-the-top thinking?
Democrats are suggesting that President Barack Obama wants to avoid another contentious round of negotiations with Congress and is considering raising the debt ceiling himself.
In a statement to reporters, former Speaker of the House of Representatives Nancy Pelosi said, “If I were president, I’d use the 14th Amendment, which says the debt of the United States will always be paid. She made the comment on CBS’s “Face the Nation” last Sunday. “I would just go do it.”
Is that the general attitude in D.C. about minting a trillion dollar coin?
On the White House website “We the People — your voice in our government” some 7,321 signatures are urging the administration to go ahead and mint a $1 trillion coin. The petition reads: “Direct the United States Mint to make a single platinum trillion dollar coin! With the creation and Treasury deposit of a new platinum coin with a value of $1 trillion U.S. dollars, we would avert the absurd-yet-imminent debt ceiling face-off in Congress in two quick and simple steps!”
This proves that the leadership in Washington, D.C. is out of touch with the realities confronting the average American.