New budget fix: Pawn Mount Rushmore?
Hey, the country has been talking about minting a massive platinum coin. Could selling a giant granite tourist trap be any more ludicrous?
According to a petition filed with the White House, the government should pawn the mountain to the Federal Reserve if the Treasury Department can't pay the interest on the federal debt.
"Now that #MintTheCoin is dead," reads the petition, referring to the movement to mint the trillion-dollar coin, "our best option is clearly to sell Mount Rushmore to the Fed, and buy it back later once our cash flow problem is solved."
How much is Mount Rushmore worth? The entire project, which began in 1927, took 14 years and cost just $1 million. The sculpture was a transparent play for tourism money, and it worked: About 3 million people visit each year.
All six of South Dakota's national parks, of which Rushmore is the largest, contributed $168 million in economic benefit in 2010, according to the National Park Service. In fact, Jay Leno joked last year that Mount Rushmore is the only thing to see in South Dakota. Here's the text of a fake narrated commercial that ran on the "Tonight Show," according to the Rapid City Journal:
"Spend a week in South Dakota. On Monday, see Mount Rushmore. On Tuesday, see Mount Rushmore again. On Wednesday, visit the gift shop at Mount Rushmore. And on Thursday, relive your first experience, at Mount Rushmore."Clearly, Mount Rushmore is priceless to South Dakota. And perhaps the federal government could get a pretty penny for selling it to the Federal Reserve.
The proposal is obviously going nowhere. Only seven signatures had been collected by the petition Monday night, and 25,000 are needed by Feb. 13.
But the idea has been embraced in social media, with the #PawnTheMountain hashtag gaining steam in some circles on Twitter. The idea may have come from Jordan Weissman, a business writer for The Atlantic who suggested it on Twitter as a way to avoid default. An associate editor at The Atlantic, Matthew O'Brien, wrote Monday that the Treasury could really sell anything valuable enough to the Fed with the agreement to buy it back later. O'Brien may have started the White House petition, in fact.
"This kind of repurchase (repo) agreement would give the Treasury cash flow if it's running so low that it can't pay the interest on our debt," O'Brien wrote.
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Not hard to figure out why the country is in the fix it's in. When half our country is being supported by the backs of the middle class workers. Their voices are being ignored and their votes are out numbered. Time is now to clean house. Stop all government handouts, implement a flat tax and remove all loop holes for corporate america. Control health care costs. Abolish the Federal Reserve and put the finances back in the control of the Congress as the constitution was written. This a a great country and a wealthy one as well. Stop spending our money and lives of our precious soldiers to police a country that does not want us there to begin with. And if we are going to be there fighting for them. They need to pay the bill, not the US.
Take a look at the postings, and look at the Thumbs ups, verses the thumbs down. I think that is a pretty clear indication as the thoughts of the Majority of the American People!!!!
The sad thing is, no matter what we say or post, it won't change anything.
The government needs to be accountable again to the people and earn the outrages saleries , course they would have to actual work which they of course can't seem to do. If they had to live as they say we should on what we make, they wouldn't be in office long. But then we can't vote all our increases and benefits that they enjoy and vote for themselves.
Most of life's staples, gasoline, milk, cars have increased 2 to 3 times since 1980. A college education cost has increased 10 times. Anyone paying property taxes knows how often schools seek additional money through ballot measures. I suspect a lot more of the increase in Federal Spending from 1.6 Trillion in 1996 to 3.8 Trillion in 2012 has to do with the cost of maintaining public employee benefits (military, union and non union) than anyone realizes.
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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
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