Let me admit up front that I understand economic theory about as well as I understand quantum field theory. I have, at best, a vague grasp of some of the concepts. This is one of the reasons I belong to the Brendan Behan School of Economic Theory. It may be simple but I find it easy to understand and support. I advocate:
“…that which makes the roads safer, the beer stronger, the food cheaper and the old men and old women warmer in the winter and happier in the summer.”
That’s a solid foundation; start right there and build on it. We should…no, wait. I meant to write about the debt ceiling bullshit. How’d I get distracted this quickly? Okay, rewind. Hit ‘start’.
I find all of this fuss about the debt ceiling to be simultaneously offensive and boring as fuck. It’s perfectly obvious to everybody that the Republican Party is threatening to fuck up the US economy–and the global economy to some extent–unless President Uncle Joe agrees to their demands. What’s less obvious is the astonishing fact that the GOP can’t even agree amongst themselves what their demands are. They’re basically saying, “We’ll shoot your dog unless you agree to do a thing and we’ll let you know what that thing is after you agree to it.”
I’m hoping President Uncle Joe has a secret plan up his sleeve. Or tucked away in a hidden pocket. Or under his hat. He’s been pretty good at teasing the GOP along, then quietly kicking them in the nuts. So it’s a real possibility that he’s openly cooperating with the House Republicans, knowing they’ll never come up with a workable solution, at which point he can say, “I tried to be reasonable” and then just kick them in the nuts.
Personally, I’d prefer it if he just told them to go fuck themselves. He should just tell the Treasury Department to mint the platinum trillion dollar coin and deposit it in the US’s savings account. This idea has been floating in the econoverse for a few decades. Is it legal? Who knows? Do it anyway. Let the Republicans legally challenge it and take it to SCOTUS. That’ll take some time, during which the debts will be paid by the coin and the global economy will continue to totter on.
And what happens if SCOTUS says, “Uncle Joe, my dude, you just can’t mint a coin and spend it like that”? Fine, at that point Uncle Joe should just issue an executive order saying the notion of a debt ceiling violates the 14th Amendment. Let the Republicans legally challenge that and take it to SCOTUS. That’ll take more time, during which the debts will be paid and the global economy will continue to totter on.
And if SCOTUS says, “Sorry Uncle Joe, but dude you’ve interpreted the 14th Amendment incorrectly”? Fine, at that point Uncle Joe should just issue an executive order saying the debt ceiling violates the Contracts Clause of the US Constitution. Let the Republicans legally challenge that as well, and take it to SCOTUS. That’ll take still more time, during which the debts will be paid and the global economy will continue to totter on.
And if SCOTUS says, “Uncle Joe, c’mon, that’s not how the Contracts Clause works”? Fine, at that point Uncle Joe should just issue coupon free bonds. I don’t have a clue what a coupon free bond is, but I’ve heard the idea offered as a wonky solution to the debt ceiling. It might be complete bullshit. I don’t care. Whatever it is, let the GOP legally challenge it and take it to SCOTUS. That’ll once again take more time, during which the debts will be paid and the global economy will yada yada yada.
You get the point. If the GOP keeps fucking with the national debt, POTUSUJ should keep fucking with the GOP. He should keep making the Republican Party AND/OR the Republican Party’s SCOTUS responsible for trying to NOT pay the debt. Keep that stupid shit up until it’s time for the 2024 election. Campaign on the GOP (and the sociopath they choose as their nominee) trying desperately to ruin the US economy.
I’ll admit, that’s a shitty way to govern a nation. But the GOP has been enshittifying the US for decades. They’ve succeeded in making the US a fairly shitty nation. But shitty is as shitty does. It’s time we make the Republican Party eat its own sociopathy.
EDITORIAL NOTE: None of this is well thought out. It’s not really a plan. This is just me on a Saturday morning rant while I’m drinking coffee. You’d have to be an idiot to take me serious when I’m talking about economics.
ADDENDUM: Well, who’d a thunk it? Less than a day later, President Uncle Joe and the Squeaker of the House have reached what they call a ‘tentative’ agreement. It fits nicely inside my earlier comment about POTUSUJ “teasing the GOP along, then quietly kicking them in the nuts” except that it appears Uncle Joe has arranged for the GOP to kick themselves in the nuts.
Biden has conceded almost nothing. McCarthy, on the other hand, obtained some small largely symbolic concessions that will make the MAGA wing (can you call it a ‘wing’ when its the majority?) of his party furious, and will likely set the House GOP fighting amongst themselves like rabid wolverines on meth.