Our "leaders" in Washington have concocted some crazy ideas to avoid being fiscally responsible, but this one might take the cake.
Rather than raise the debt ceiling or (the horror!) limit federal spending, Democratic Representative Rashida Tlaib has a better idea: mint a $1 trillion coin and deposit it in the Federal Reserve.
This accounting trick would, theoretically, retire $1 trillion in government debt and help Congress avoid having to raise the debt ceiling.
The move is possible thanks to an obscure law that allows the Treasury Secretary to issue platinum coins of any denomination. Obama officials rejected the move during a previous debt ceiling crisis, and it's unclear whether Biden officials will go for it. But enough members of Congress and the journalistic class have embraced the idea, so it's likely that pressure to move forward with the gambit will ramp up.
— Rashida Tlaib (@RashidaTlaib) September 28, 2021
We hope we don't need to explain how ridiculous this idea is. Rather than working to get our fiscal house in order, these politicians and pundits want to take the most extreme measures to kick the can down the road. Minting a platinum coin won't solve our problems--it will only (maybe) delay the impending economic collapse.
Congress is obviously unwilling to make the tough decisions for the good of our children and grandchildren. They'd rather rack up enormous debt than risk losing their next election, and future generations will pay the price.
That's why we need to call an Article V Convention of States. A Convention of States is called and controlled by the states and has the power to propose constitutional amendments that force Congress to be fiscally responsible.
These amendments can require a balanced budget. They can cap spending and force Washington to cut useless, wasteful government agencies and programs. They can limit taxation and compel the Treasury Department to use generally accepted accounting principles.
In short, the people and the states can force Congress to do what they should have a long time ago: stop wasting our money and get our fiscal house in order.
To join the movement, sign the petition below!
