Trillion Dollar Obama Coin Idea Junked by Treasury & The Fed
Kyle Becker | On 13, Jan 2013
It’s back to the drawing board for big government fans who want to spend like there’s no tomorrow and have it written off with pointy hat accounting tricks. But here’s an even crazier idea than minting a trillion dollar platinum Obama coin: stop spending more than citizens can pay in taxes.
Barring a return to the good old days when governments had “budgets,” Kate Hicks brings us a bit of good news from the land of fiscal sanity: the Department of the Treasury and the Federal Reserve have ruled out shiny objects as the solution to the economy being crushed by the welfare state. Oh, and by the 4.3% of GDP being spent on national defense.
The idea of minting a trillion dollar platinum coin to resolve deficit spending is reflective of the elites in this country who think debt is a figment of our imaginations. They seem to think it is a mathematical concept that can be erased with a pencil. But it represents the labor of individuals in this country, whose very lives are being decided in smoke-filled backrooms in Washington.
After all, when you really think about it, minting a platinum coin and calling a debt ‘good’ is really no different than printing out a trillion dollars in cash, or typing out a 1 and 12 zeroes on a computer, and saying that settles the score. What does matter is who actually owns the money and who is working for whom.