Saint Eddie
Robert ReichWhy in the world does Congress have to authorize borrowing for spending that it has already approved?
Here’s a suggestion...
Abolish the debt ceiling.
It serves absolutely no purpose. End the drama.
Joani Taylor@rbreich YESSSSSSSSS!!!!!!!!
marca56@rbreich Then what would the @gop House do with their time for the next two years?
Alan Gamrican@rbreich There is also the US$1T platinum coin option.
Is it time to #MintTheCoin ?
PatrickFromFW@rbreich Why has there been no efforts by Democrats to do so when they control Congress? They know Republicans will abuse the debt ceiling whenever there’s a Democratic president. It’s what they do.
Paranoid FactoidReich makes it seem easy. There is a path. But it would take a majority in the House and a supermajority in the Senate. And control of the executive. Never mind SCOTUS getting in on it.
So... it's possible but extremely difficult and we voters have to enable it first.
@ParanoidFactoid @rbreich yes, because at least a couple of so-called Democrats (Manchin and Sinema) refuse to axe the filibuster. They along with the Republicans make sure the Senate continues to be where bills go to die. I’d have hoped to at least see an effort from Democrats to abolish the debt ceiling though. There’s no indication that they’ve even tried.
Tips for Overcomers@rbreich
This seems disingenuous. You know they won’t abolish it, because it _does_ serve a purpose, a very important political purpose. It would be more helpful to make _that_ point clear, and to talk about why and how voters can change that at the ballot box.
This seems disingenuous. You know they won’t abolish it, because it _does_ serve a purpose, a very important political purpose. It would be more helpful to make _that_ point clear, and to talk about why and how voters can change that at the ballot box.
Daniel Freysinger@daniel @rbreich
The purpose of the debt ceiling is for the minority to hold the majority hostage, to push through unsavoury legislation that the minority want. Much like the filibuster.
These are dangerous, illegitimate weapons. *That* is why they should be scrapped.
The problem is that both camps like these weapons, for when they are in the minority. They will not scrap them until the citizens loudly threaten “we won’t elect you unless you commit to this”.
Morima@rbreich Why do we have one in the first place?
stoicmike@rbreich The purpose is leverage for pork.
@rbreich Repetitive and redundant political theater. Endless baloney.
@rbreich Exactly! It is meaningless.
Knut Branson@rbreich if we're talking about changing laws, there's no need for the govt to "borrow" (auction newly issued treasury bonds) to "spend" (credit bank accounts) in the first place.
Captain Observant@rbreich US politics is like a 19th century circus sideshow. "And now you have witnessed the Fantastic Filibuster, prepare to be amazed by the bewildering invisible Debt Ceiling!"
@rbreich Someone needs to give you the "even the "even the animals without a purpose have a purpose" monologue...
Angela Edge@rbreich so that the minority party has a way to hold the majority party captive until the minority gets concessions.
Maleficent Witch@rbreich The GOP doesn't care about America. They want to impose a 30% national sales tax. https://www.snopes.com/fact-check/freedom-caucus-30-percent-sales-tax/. A handy calculator is here: https://www.calculator.net/sales-tax-calculator.html?beforetax=4.50&taxrate=40.40&finalprice=&x=85&y=16. For people living in sales tax states, a national sales tax would be disastrous.
Victor Tangent@rbreich It was meant as a spending control. Better question is why congress ignores it every year.