Pages

Jump to bottom

5 comments

1 John Vreeland  Fri, Jan 11, 2013 3:45:41pm

My reading of the relevant law in this case is that it would have to be a bullion coin, meaning that the vast majority of its value would have to be intrinsic to the metal of its construction. Or maybe they could make a it a commemorative coin instead, to commemorate the record high deficit.

2 stabby  Fri, Jan 11, 2013 6:01:42pm

re: #1 John Vreeland

If you’re right then the law can’t be used.

That is what Fox will claim in any case, because otherwise the tea party* nuts don’t have the power to end medicare, social security, the EPA, etc.

*Tea Party: The Fox News Micky Mouse Club

They originally thought they could do that by taking the house since the house is the source for spending authorization - but the Obama administration responded by not making budget and simply continuing to use the previous, sane, house’s spending authorization.

Now they’re hoping to use their power to stop paying our debts to send us back to 1900.

They probably wish that the debt ceiling stopped new borrowing instead of stopping PAYING our debts, but they’ll take what they can get.

Note that if we default and the interest rates on our debt goes up, then our economy will be ruined for the rest of our lives, the world economy will crash and the US will lose its place as an important economic power. The Chinese press already can’t resist telling its billion readers that the US no longer has a viable government.

3 stabby  Fri, Jan 11, 2013 6:02:49pm

In short they’re not being stupid, they’re being manipulative.

4 EPR-radar  Fri, Jan 11, 2013 6:36:33pm

Oddly enough, the simplest approach I can think of is the one I have not seen mentioned at all.

Congress has set tax rates and made appropriations that are inconsistent with the debt ceiling. If Congress is stupid enough to pass inconsistent laws, the Executive gets to choose how to “faithfully execute the laws”.

So, I’d like to see the administration treat the debt ceiling as a nothing-burger. No coin trick. No reference to the constitution. Just blow it off.

5 lostlakehiker  Fri, Jan 11, 2013 10:30:22pm

re: #4 EPR-radar

Oddly enough, the simplest approach I can think of is the one I have not seen mentioned at all.

Congress has set tax rates and made appropriations that are inconsistent with the debt ceiling. If Congress is stupid enough to pass inconsistent laws, the Executive gets to choose how to “faithfully execute the laws”.

So, I’d like to see the administration treat the debt ceiling as a nothing-burger. No coin trick. No reference to the constitution. Just blow it off.

Actually, there is no inconsistency. There is no statutory obligation to pay social security or medicare benefits at the current rate. Many other spending programs are likewise not debts of the government.

The legal course of action, if the debt ceiling were to be reached, would be to cut spending on all these optionals, while servicing the debt to the letter and to the penny. The president, who is sworn to uphold and defend etc. and to take care that the laws be faithfully executed, would then have the duty to take care that the laws, as written, be faithfully executed. The constitution itself positively insists that the debts be payed without question or delay. It does not insist that other spending programs go on as if cash had not run out.

Now whether draconian cuts to all other spending are a good idea? That’s another question entirely. They are not. They’re a very bad idea.

The markets would crash. The economy would follow. Our defense system would lose essential people, who cannot forever work without pay. Valuable infrastructure would go untended; penny wise and pound foolish “savings” would have to be found. It would be grossly irresponsible to force the government into such a fix.

But the fault for the cuts would lie with the people who voted to not raise the debt ceiling, and not with the president. His hands would be clean.

No coining of trillion dollar baubles would wash. That would make a laughingstock of our currency and our leadership.

If the president were to decide that the constitution is a mere scrap of paper, that would have incalculable consequences for the nation; that, too, would be a very bad idea. But the fault, in that case, would rest with him. How could he do that? How, after taking Lincoln for a model? Lincoln, who refrained from wartime measures that he could not find real justification for in the constitution? Who limited his emancipation proclamation to states still in rebellion, despite his private views that slavery was an evil across the board? Who allowed a pro-surrender candidate to campaign for the presidency, knowing the nation would be lost if that candidate won? Lincoln understood that winning ugly would destroy, in the long run, what he was trying to save with the war.


This page has been archived.
Comments are closed.

Jump to top

Create a PageThis is the LGF Pages posting bookmarklet. To use it, drag this button to your browser's bookmark bar, and title it 'LGF Pages' (or whatever you like). Then browse to a site you want to post, select some text on the page to use for a quote, click the bookmarklet, and the Pages posting window will appear with the title, text, and any embedded video or audio files already filled in, ready to go.
Or... you can just click this button to open the Pages posting window right away.
Last updated: 2016-01-01 10:29 am PST
LGF User's Guide RSS Feeds Tweet

Help support Little Green Footballs!

Subscribe now for ad-free access!Register and sign in to a free LGF account before subscribing, and your ad-free access will be automatically enabled.

Recent PagesClick to refresh
Tuffs Not Enuff PageThe tools of economics, science and law applied to well-known public policy issues. Where the Alt-Right and other interests sell doubt, we do what we can to construct sharp problem definitions and reach equally sharp conclusions. Evidence matters.
tuffsnotenuff
1 day, 1 hour ago
Views: 132 • Comments: 1 • Rating: 0
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
No, My Right to Abortion Did Not Cost Hillary the Election Yesterday, New York Times op-ed contributor and religious professor Thomas Groome popped up as the latest in a long line of bros getting it wrong at our newspaper of record about what cost Hillary the election. His take? Trump ...
Birth Control Works
1 day, 5 hours ago
Views: 195 • Comments: 0 • Rating: 1
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
The Fred Rogers Company Statement Regarding Federal Funding for Public Broadcasting For more than two generations of Americans, The Fred Rogers Company has partnered with CPB and PBS to share what Fred Rogers called an “expression of care” for children and families through broadcast and digital media as well as ...
Birth Control Works
1 day, 5 hours ago
Views: 151 • Comments: 0 • Rating: 1
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
What’s Missing in Our Coverage of South Sudan’s Civil War In South Sudan, a civil war has now entered its fourth year of tearing open ethnic divisions and displacing millions. Since its onset in 2013, the conflict has threatened to pave a path to genocide and has led to ...
Birth Control Works
1 day, 7 hours ago
Views: 166 • Comments: 0 • Rating: 0
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
Faux-Science- -Inside the Academic Journal That Corporations Love - Pacific Standard A recent lawsuit against Monsanto offers a clear and troubling view into industry strategies that warp research for corporate gain. In a lawsuit regarding the possible carcinogenicity of the pesticide Roundup, plaintiffs’ lawyers suing Monsanto charge the company with ...
Birth Control Works
1 day, 7 hours ago
Views: 173 • Comments: 0 • Rating: 0
Tweets: 1 • Share to Facebook
Shares: 1
Comments: 0
: 1
Cowboy Cookies Recipe - NYT Cooking Ingredients 3 cups all-purpose flour 1 tablespoon baking powder 1 tablespoon baking soda 1 tablespoon ground cinnamon 1 teaspoon salt 1 ½ cups (3 sticks) butter, at room temperature 1 ½ cups granulated sugar 1 ½ cups packed light-brown ...
The Vicious Babushka
1 day, 11 hours ago
Views: 184 • Comments: 1 • Rating: 2
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
Foreigners Behind California Breakup Effortssalon.com Two Brexit British operators hired to promote Cali-Divorce, Russia behind efforts on both Left and Right to break apart California. This is consistent with higher ups in the Russian Government and Military publicly stating their desire to break apart ...
Rocky-in-Connecticut
1 day, 12 hours ago
Views: 172 • Comments: 0 • Rating: 0
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
Timothy Caughman’s Murder Was a Lynching in Trump’s America. Just another day in Trumpmerica. The first thread that binds this killing to past lynchings is Jackson’s motivation. The self-proclaimed white supremacist told police that he hated black men in particular for their relationships with white women, a harkening ...
Tarkloon
3 days, 6 hours ago
Views: 470 • Comments: 0 • Rating: 0
Tweets: 1 • Share to Facebook
Shares: 0
Comments: 0
: 0
OneRepublic - A.I. (Audio) Ft. Peter GabrielGet OneRepublic’s new album ‘Oh My My,’ featuring ‘Kids,' 'Wherever I Go' and 'Let’s Hurt Tonight:’ smarturl.itListen to the Best of OneRepublic on Spotify: smarturl.it Music video by OneRepublic performing A.I.. (C) 2016 Mosley Music/Interscope Records vevo.ly
Tarkloon
3 days, 6 hours ago
Views: 362 • Comments: 0 • Rating: 0
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0
While Gorsuch Was Testifying, the Supreme Court Unanimously Said He Was Wrong About 40 minutes after Supreme Court nominee Neil Gorsuch began his second day of testimony before the Senate Judiciary Committee, all eight of the justices he hopes to join said a major disability decision Gorsuch wrote in 2008 was ...
Birth Control Works
4 days, 18 hours ago
Views: 483 • Comments: 0 • Rating: 2
Tweets: 0 • Share to Facebook
Shares: 0
Comments: 0
: 0