(WHNT) – The president finally discounted the idea of producing a trillion-dollar coin to pay down part of the debt and avoid the ceiling.
The president does not have the power to print money or mint copper, silver, or gold coins.
However, the president can mint platinum coins, leading some to call for the White House to order the creation of a coin worth a trillion dollars.
The trillion-dollar coin may have gotten some love from people who like the novelty or simplicity.
WHNT News 19 Political Analyst Dr. Jess Brown appreciates neither, “I think the idea is ridiculous. Nuts.”
Dr. Brown says reducing all the government’s debt problems to single coin serves no one, “How we’re viewed by ourselves and by the rest of the world ought not to be driven by debates about whether the president can create a single coin, that will become either political leverage or some sort of financial miracle.”
He says the miracle would be if Congress came together to create a real solution, arguing gimmicks like a coin worth a trillion dollars makes us seem foolish – like we don’t take our financial problems seriously.
He adds, “One of the worst things that can happen to us if these well-educated elites in foreign countries quit buying our paper. And one reason they buy our paper is the soundness of the American dollar. The truth is, the validity of the public debt is not to be questioned it is to be paid.”
Dr. Brown offers harsh words for Congress too, “The average American voter knows the current Congress of the United States is not solving any of the fundamental problems of the nation. None of them. None of them. It’s just the press release of the day and a hyperpartisan dispute.”
He says that fundamental problems have to be addressed, and there’s no coin in the world that can do it.
He summarizes, “We have a government where we don’t want to pay for it. We don’t want to reach political consensus to cut out the nonessential portions of it, and we don’t want to raise the revenue to pay for it. That’s the essence of the problem. And we’re lead by a group of party hacks.”
Harsh words, accompanied by blunt realism.
“It’s time for the gimmicks to be over,” states Dr. Brown.