Tuesday, January 08, 2013
The Trillion Dollar Coin Solution, Or One Coin To Rule Them All: An Idiot's Guide
Since when does a Law passed by Congress supersede the US Constitution? The baseline is that the Debt Ceiling Law is Unconstitutional for it overrides the 14th Amendment Sec 4. It is also in conflict with the Social Security Act of 1935 and Medicare Act of 1965.
Furthermore, the President holds all the cards here in this Debt Ceiling standoff. How? Simply put whether he goes with the coin, or the 14th Amendment option once he continues paying on the US Government debt beyond the debt ceiling the constitutionality of his action is no longer at issue, for the Supreme Court ... as Right Wing Partisan as it might be ... Would be faced with striking down the Executive Branches action and immediately putting the US into default with all the attending domestic and global economic crash consequences. I do not believe that the Supreme Court would be willing to take responsibility for crashing the global economy, so the President's action would stand and the precedent would be set ... be it in terms of the 14th Amendment, or the Trillion Dollar coin.
The President, not the Congress, has the leverage in the debt ceiling fight. If the President cuts the type of painful deal the author contemplates it is because he wants to, not because he has to.
Read the Article at HuffingtonPost
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