Sometimes things have to go very wrong before they come back right. I hope we have reached the moment when rational Republicans decide to sink the extremist wing of their party instead of riding it to power and scuttling the democracy they have sworn to serve virtually every time they were installed in an official position.
Heather Cox Richardson gives an excellent summary of what is now going public about GOP loyalists having a moment of truth, an opportunity to change course and purge their party of its cancerous extremism.
Various writers, tongue-in-cheek, have urged that the Treasury Secretary mint a one trillion dollar coin and use it to buy back debt. This would resolve the debt ceiling crisis.
Whoa!, you say. If they just print more money, won’t that cause inflation? Maybe not. Money is created and destroyed all the time. Your bank routinely makes loans it doesn’t have the funds to cover. It is not required to have deposits equal to its loans. When the market price of housing, soybeans, or General Motors stock fluctuates, money is created or destroyed.
In its essence, money is only a promise to pay. We rely on the Federal Reserve to impose monetary policies that keep us as close to 2% annual inflation as they can. It’s an art, not a science.
The unknown is whether minting the coin would alter the world’s faith in our promise to repay.
There is little question that failure to raise the debt ceiling would cause the US to default on its existing debt. This would certainly shake faith in our monetary promises because we would be breaking them. So maybe the risk of minting the coin is small relative to the alternative of certain default.
Here’s my suggestion. Let’s mint eight of those $1T coins. Put Mitch McConnell’s likeness on one side and the GOP elephant on the obverse. Use them one at a time during Biden’s presidency to pay down the deficit and keep the economy rolling. Why eight coins? That’s about equal to the record-setting deficit that accrued under #45’s four-year term. So, it would be bold political theater to remind us all that the GOP is not fiscally more responsible than the Dems. Quite the opposite – they are willing to scuttle the economy and throw us into recession to game the political system.
How to know what information is trustworthy has grown in importance since Sue Mehrtens and I wrote our books on the topic. Political propaganda is now openly fostered. It’s not just spin, it is deliberate campaigns of tactical disinformation that target vulnerable groups in our electorate.
The national media also skews left or right to segment the market for their “product” — the shows that command big advertising revenues. Regrettably, journalistic integrity suffers.
On Tuesday, September 28, I hosted a panel of local journalists who spoke about how they know the truth. I was expecting to get stories about tells of the sort that poker players look for. You know, a nervous flutter of the eyelids, the use of phrases like “let me be perfectly clear,” and such.
I got much more. The three journalists spoke candidly about how very hard it is to get to the truth, and what it costs them in emotional energy and stress. I’m sharing the video here because I think you will find it both inspiring and reassuring to know that local news has people of this level of integrity.
Subscribe to a local paper, contribute to public radio and TV, donate to organizations that do investigative reporting without political motive — in doing so, you defend democracy and the independence of the working press.
The US National Debt grows ever faster. Now it is $28 Trillion dollars. The deficit (increase in debt) during the last presidency was 7.8 Trillion, or just shy of two trillion a year and double the one trillion rate of the Obama years.
Our lame-duck US Senator Pat Toomey would like you to think that the present administration is profligate. Here’s what he says:
Yes, $3.5 trillion is big. But we also need perspective here. If this is a spending spree, then what was the GOP’s thought in cutting taxes? That’s about $3 trillion in lost revenue. But the GOP also left us a legacy of future debt. FactCheck.org quoted the Committee for a Responsible Federal Budget as follows:
By September 2020, CRFB estimated the legislation and executive actions signed by Trump would be responsible for $3.9 trillion in higher deficits through 2026. The bulk of that — $2.3 trillion — was attributed to lowering taxes, while increases in defense and veterans spending ($950 billion) and nondefense discretionary spending ($700 billion) made up the rest. “It is important to note that this debt was also approved by Congress, about half on a broad, bipartisan basis,” CRFB said.
These are significant numbers, and Toomey over his many years in politics has been complicit. Both parties spend our money on a grand scale, the difference is who and what they spend it for.
Business people say, “You have to spend money to make money.” Biden wants to build back better. The GOP says, … hmm I can’t recall. I think it was eliminating the national debt that they promised. Well, have they actually proposed anything? Or did they just spend reactively, with little or no real plan except for the tax cut?
As we go about the ordinariness of our lives, making breakfast, chatting with friends, shopping for groceries, and watching Netflix, our government is under attack by a political party that holds its power to be more important than our democracy. The GOP, for more than 20 years has been on the attack, and the end game grows more clear with each passing day.
Historian Heather Cox Richardson in her “Letters from an American” chronicles the events. The post below cites some of the current actions that should alarm all of us. But it is the inaction of GOP leadership that signals where the GOP is headed.
September 24, 2021
On Monday, we learned that after last year’s election, John Eastman, a well-connected lawyer advising former president Donald Trump, outlined a six-point plan to overturn the outcome of the election and install Trump as America’s leader. They planned to cut the voters’ actual choice, Democrat Joe Bi…
Some will say that HCR is an alarmist, others that she is partisan. Ask yourself this, “What behaviors do you see in the GOP leadership that suggest that we should NOT be concerned?”
Here is what I see:
Actions to foster distrust of our elections.
Years of strategic work to disenfranchise opposition.
Support of secretive gerrymandering.
Pandering to fringe elements of the GOP base.
Inaction on obvious corruption.
Near total partisan obstructionism.
Purges of moderate leadership.
Improper courting of foreign propaganda support.
Desperate efforts to prevent investigation of January 6th.
There is a Twitter protest (#idesofmarch, #idesoftrump) which suggests that angry citizens deluge the White House with postcards on March 15th. Julius Caesar was assassinated on that day in 44BC as we remember from Shakespeare’s play in which a soothsayer warns the emperor, “Beware the ides of March.”
This is a really bad idea for several reasons. No good purpose would be served by such an action. We already know that the 45th president has a very thin skin, and would react badly with the attendant storm of press commentary. He uses the drama of such moments to cover actions that he doesn’t want headlined, and the press obliges in the interest of keeping ratings and circulation up.
The act itself is purely rage – an act of hate and cruelty toward someone who evidently can’t help himself and may be mentally ill. “Darkness can not drive out darkness, only light can,” as Martin Luther King famously said. We may be furious with 45’s actions and words, but we must respond with clarity and with words and deeds that promote resolution. Our outrage must be channeled to influence our government representatives positively. They are beginning to see that the game has changed, and that the Trumpists (19% of people eligible to vote) will not suffice to reelect them if the other 80% is mad as hell and organized.
President Trump prides himself on counter punching. His instinct, when attacked, is to attack back. I know of no instance where he has paused and looked inward when confronted. In fact he wants the world to see him that way. Much to the dismay of his would-be political handlers, he strikes out on twitter and in public discourse.
He does understand leverage and power. The real leverage he respects is the 2018 election, and a congress that
balks because so many of their constituents oppose his policies.
Many of my friends are engaged in issue specific calls, visits, and letters to their elected representatives. This is how and where to strike back. Get the contact information for all of your elected representatives at this League of Women Voters site:
Sending nasty postcards to the White House will squander your time plus half a dollar’s worth of postage and postcard. Worse, in doing it we become that evil we hate. It is essentially a personal attack, a publicity stunt, … exactly the behavior we deplore in our 45th President.
Although as educated people we like to think of ourselves and others as rational — we aren’t. Most of what we say and do is only loosely informed by fact and logic. In reality, we self-construct a story about reality and then conform to it. Understanding how we do this explains our social and political behavior. Continue reading Trust the Story?→
There is no shortage of print and video about Hillary Clinton. She has been a career politician all her adult life. As President Obama observed she is probably the most qualified and experienced person ever to run for the office of President of the United States. But that also means that her every action has received scrutiny and her political adversaries have been on the attack for years. As a consequence it is hard to find biographies that are balanced and scholarly. The New York Review of Books article Can We Know Her surveys several biographies and concludes that they fall short of capturing the essence of who she is. Carl Bernstein was interviewed on CNN and his remarks are worth watching: Carl Bernstein on CNN.
Hillary and Bill Clinton have been involved in a number of highly partisan scandal investigations. The Atlantic Magazine has an excellent factual summary article: The Clinton Scandals.
The two links below provide politically neutral biographical facts: