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Debt
  • Sarah Palin Can See Debt Riots From Her House

    Sarah PalinNice to know Sarah Palin's brain keeps the same schedule as her gubernatorial career. It worked pretty hard on the first part of this Facebook post about the sequester, then quit halfway through:

    If we are going to wet our proverbial pants over 0.3% in annual spending cuts when we're running up trillion dollar annual deficits, then we're done. Put a fork in us. We're finished. We're going to default eventually and that's why the feds are stockpiling bullets in case of civil unrest.

    No idea what this used-to-be-important lady is not talking about when she says that "the feds" are "stockpiling bullets"?

    Last year, the media reported on the government making bulk purchases of ammo (because savings), leading the Alex Joneses and Glenn Becks of the world to speculate about Barack Obama's plan to shoot Americans he personally dislikes (because crazy).

    So it appears Palin is joining the conspiracy-mongers, but then again, maybe she's just trying to save the economy. Growth in the tinfoil hat business could totally offset those pesky budget cuts. Think about it!

    Photo by Roberto Gonzalez/Getty Images News/Getty Images


    Tags: Debt, Guns, Sarah Palin, Sequester
  • All the Smart and Dumb Reasons to Oppose the Platinum Coin

    Few things have divided the nerdo-sphere and punditocracy as much as the proposal to dodge the debt ceiling by minting a trillion-dollar platinum coin and depositing it with the Federal Reserve.

    As we make our arguments, it'd be nice if we didn't all join Fox News in beclowning ourselves in the process. Hence this guide.

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    Tags: Debt, Federal Reserve, Fox News, Money, Treasury Department
  • Who Will Be on the Trillion Dollar Coin?

    With the United States facing potential economic collapse in two months unless Congress authorizes a debt ceiling increase, one unorthodox suggestion has emerged as a solution to the crisis. Thanks to an obscure federal law, the Treasury may have the authority to mint platinum coins in any denomination it chooses.

    So if the Treasury were to mint and deposit a platinum coin with a value of $1 trillion, the U.S. could continue to pay its obligations without Congressional action, which would be swell, because you know how Congress is about action.

    Just one question remains:  who should be on the face of America's second-silliest (next to the debt ceiling itself) experiment in fiscal management?

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    Tags: Debt, Economy, Money, Treasury Department
  • Planning Your Fiscal Cliff Eve Party

    President Obama's Hawaiian vacation has been rudely interrupted, Speaker John Boehner announced that he would call the House back into session this weekend, and chief senate turtle Mitch McConnell has emerged from his shell to half-heartedly engage in negotiations on forestalling the austerity measures set to hit on January 1st. For regular Americans, this should only mean one thing: it's time to turn governmental incompetence into a celebration and plan your Fiscal Cliff Eve party.

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    Tags: Debt, Fiscal Cliff, Taxes
  • Chained CPI vs. Django Unchained

    Much to the surprise of of those liberal Democrats who have not paid attention to anything the president has done or said over the past four years, the White House may support cuts to Social Security as part of the fiscal cliff negotiations with House Republicans.

    Specifically, the administration suggested replacing Social Security's current system of annual cost-of-living benefit increases with an adjustment mechanism that relies on something called a chained Consumer Price Index, or "chained CPI."

    Policy experts like the idea because the inflation formula currently used to calculate Social Security benefits fails to take into account substitution effects. That is, when broccoli becomes expensive, Americans spend more of their money on spinach, without necessarily increasing their grocery budget. Just kidding, Americans don't eat vegetables. In fact, it's easier to explain Chained CPI via Quentin Tarantino's Django Unchained and let you decide which is more palatable:

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    Tags: Barack Obama, Debt, Fiscal Cliff, Movies, Quentin Tarantino, Social Security