Post AVrbPudwKzMMGcX9Sy by old_hippie@masto.ai
(DIR) More posts by old_hippie@masto.ai
(DIR) Post #AVrGeTar5lePgEC6E4 by lauren@mastodon.laurenweinstein.org
2023-05-20T21:03:50Z
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I am not a macro-economist. All I learned on the subject was a couple of courses at UCLA long, long ago. But my sense, for what it's worth, is that Biden invoking the 14th would likely be somewhat less damaging than what the terrorists in the GOP have in mind, with their tax breaks for billionaires (yachts and jets, OK! Food stamps, no no no!). My guess is that the government would find a way to keep paying social security and medicare and critical defense functions. A lot of other spending is important but not ultra-time sensitive. The market would take a hit but would recover, and I suspect (in fact I know) is already pricing in a disruption. I think in the end Biden would get more respect than condemnation for holding firm. My fear though is that he still a believer in the fundamental good even in the GOP, a concept that died with Goldwater.
(DIR) Post #AVrHFw12NiHmXqInPU by wordshaper@weatherishappening.network
2023-05-20T21:10:36Z
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@lauren if Biden invoked the 14th and it stood that would honestly be by far the best long term option — what we have now is stupid and frankly probably unconstitutional. The only damage would be if he did it after we started defaulting, though there could be some uncertainty if the GOP actually got an injunction to stop the government doing… what they required it to do by legislation.
(DIR) Post #AVrHfw7qazYUPlszpI by virtualbri@mastodon.online
2023-05-20T21:15:17Z
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@lauren Yep. Go 14th and dare the Supreme Court to tank the economy.
(DIR) Post #AVrHhdp3cJVaEBuUFs by Doug_Bostrom@scicomm.xyz
2023-05-20T21:15:15Z
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@lauren Paleoeconomists still dominate our thinking leading to mental impoverishment in dealing with national "debt," with the knock-on effect of material impoverishment. Our problem ends up framed entirely in terms of taxation, when taxation isn't the center of force in government finance.
(DIR) Post #AVrVCoLdpe1NFmLP7o by video_manager@mstdn.social
2023-05-20T23:46:53Z
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@lauren debt issued because Biden invokes the 14th will be just as valid as debt issued if the GOP pulls their collective brain cell out of their collective ass. There isn't a snowball's chance in hell of anything happening to it. The GOP Lunatics just want to be "seen" as being tough, and calling Biden "no fair".
(DIR) Post #AVraoYLQHSQAOW3f3w by old_hippie@masto.ai
2023-05-21T00:49:41Z
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@lauren I also am not an economist not have studied it formerly. That though has never stopped me from having an opinion whether brilliant or stupid. Why don't we force the government to live by the budget they pass. Whenever a bill comes up, it must fit in the budget as passed. In emergency situations that are outside the budget, specific funding could be provided if passed by the Congress.Like I said, this may be dumb but it made sense to me just now.
(DIR) Post #AVrb32TH4EHFsudbyS by lauren@mastodon.laurenweinstein.org
2023-05-21T00:52:22Z
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@old_hippie I wouldn't use the word "dumb" -- I would use the two words "utterly impractical". A bit of Googling on the history of deficit spending in the U.S. will explain why in painful detail.
(DIR) Post #AVrbPudwKzMMGcX9Sy by old_hippie@masto.ai
2023-05-21T00:56:31Z
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@lauren I'm aware of why they started using the debt ceiling for WW1 spending. The problem is that if you have a budget and can just ignore it why have one?Im not saying that my comment is a practical solution but it still looks good to me.
(DIR) Post #AVt56zlyEXGCSO95HM by janxdevil@sfba.social
2023-05-21T18:03:58Z
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@lauren Don’t even bother daring the Supreme Court to decide what the 14th Amendment means. Believe me, you really don’t want to turn Justice Thomas loose on that question. Just #MintTheCoin and dare them to rule that the US doesn’t have the power to coin money, because that is NEVER going to happen. Just #MintTheCoin. Mint. The. Damned. Coin.
(DIR) Post #AVt6vJbSsUkAOSn1kW by lauren@mastodon.laurenweinstein.org
2023-05-21T18:24:16Z
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@janxdevil Never gonna happen. Zero chance. Fantasy.