成人X站

It was 2011, Obama was President, and Republicans were playing the debt ceiling game, and somebody came up with this brilliant idea: The U.S. Mint would simply strike a platinum coin with a face value of $1 trillion, deposit it in the Treasury 鈥� and just like that, we鈥檙e back below the debt limit.

It didn鈥檛 happen, of course, because it鈥檚 a big joke, right?

More from Dave Ross: Finland’s affordable housing strategy could work here too

Well, I thought so too 鈥� until I looked it up in the , and I quote: 鈥淭he Secretary may mint and issue platinum 鈥� coins 鈥� in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary鈥� may prescribe from time to time.鈥�

Yes 鈥� for some reason, the law has this special provision that allows the treasury secretary to order up coins of any design and any denomination, provided they鈥檙e platinum.

A trillion-dollar coin obviously has no practical use 鈥� my barista won鈥檛 even take a fifty聽鈥�,聽but it would instantly put the debt below the current limit and end the debt crisis, which is why it鈥檚 being talked about yet again!

Dave, that鈥檚 a stupid solution. Yes, but it鈥檚 no stupider than the crisis itself, and stupid ideas deserve stupid solutions.

For those of you asking how we got here 鈥� it鈥檚 no mystery. A combination of spending and tax cuts. The New York Times tallied up the things we paid for with borrowed money 鈥� the military buildup after the 9/11 attacks, the wars in Iraq and Afghanistan 鈥� the bi-partisan Medicare prescription drug benefit, Trump鈥檚 COVID-19 aid, Biden鈥檚 stimulus program 鈥� none of it paid for by raising taxes.

On the contrary, there were tax cuts signed by Bush and continued by Obama, and then in 2018, Trump鈥檚 tax cuts were passed by some of the same members who now say the debt is too high.

What were they thinking? Well, there鈥檚 this idea mainly among conservatives that cutting taxes actually increases revenues, which I first remember hearing during the Reagan years, and you know what? That idea turned out to be 鈥� what鈥檚 the term 鈥� wrong!

Because we cut all those taxes and have $31.5 trillion in debt.

Plus, Republicans plan to cut the new funding for the IRS so that people with complicated taxes can cheat, and law-abiding taxpayers trying to call the IRS will just hear the phones ring and ring because there鈥檚 no one to pick them up.

So, I say, given how members of Congress have no problem cutting taxes even as they boost spending 鈥� and then act surprised when suddenly we are $31.5 trillion in debt 鈥搕hey can hardly cry foul when Janet Yellen pulls a trillion-dollar coin out of her purse and spoils all their fun.

Listen to Seattle鈥檚 Morning News with Dave Ross and Colleen O鈥橞rien weekday mornings from 5 鈥� 9 a.m. on 成人X站 Newsradio, 97.3 FM. Subscribe to the聽podcast here.