As Barack Obama and the Congress square off for the debt ceiling limit increase debate, Rep. Jerrold Nadler (D-NY) has offered up the idea of the U.S. Treasury minting a $1 Trillion dollar platinum coin to cover such an increase with the Federal Reserve. Naturally, many of the usual fools who defend the Obama White House and its wild spending ways, like former Enron economist Paul Krugman, think its a good idea. There are even some legal loopholes in the Constitution that would allow for such a coin. Just to be safe, Rep. Greg Walden (R-OR), has introduced a bill in the House of Representatives to prohibit this exercise in avoiding responsibility. Is this yet another sign of just how desperate the Obama administration is to continue spending like there is no tomorrow?
Since taking office, Barack Hussein Obama has added more than $5 Trillion dollars to the National Debt in just his first term. By comparison, George W. Bush added a hair less than $5 Trillion during his 8 years in office, much of which was in response to the 9/11 terrorist attacks. Just setting up Homeland Security as a new cabinet post and consolidating our intelligence assets ran about $500 Billion. Despite all of Bush′s spending, the National Debt remained in the mid-60% range compared to the nation′s GDP. Obama has blown way past that, elevating the Dent to over 100% of GDP. Each year, Obama has added more than $1 Trillion dollars of new debt and what do we have to show for it?
Where are those high-speed bullet trains? Or new highways and bridges? Why do we still have more than 23 million Americans unemployed? The answers are simple. The money Obama is throwing around is doing absolutely nothing to improve the nation. Most of it is just to buy votes from the new voting block, the Low Information Voter. For example, under Bush we spent about $38 Billion to provide needy Americans with food stamps. Obama is wasting some $100 Billion per year on food stamps.
Since Barack Obama has no real negotiating skills with Congress or any truly rational solutions to our economic problems, it is not unreasonable to expect some cheap trick like this. Having the U.S. Treasury mint a $1 Trillion dollar platinum coin and depositing it with the Federal Reserve in order to sidestep Congress on the Debt Ceiling limit increases makes perfect sense in the Obama Universe. The same space-time continuum where all of our budget deficits are caused by health insurance costs. That former Enron economist Paul Krugman thinks the plan is sound just goes to show the extremes those defending Obama will take. If the White House announced that the sky was pink, then they would all agree. But those of us still rooted in reality know that this plan, like all other plans from Obama, is merely another way to avoid responsibility.