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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Makes perfect sense to sell a monument out of a state that pays its bills, so states that don't can keep up.
Who edits these articles? I'm sure that Mt. Rushmore is as priceless to North Dakota as Fargo is to South Dakota. Idiot.
How is Mt. Rushmore any more of a tourist trap that any other travel destination in the country? It costs $10 for parking, (which is privately owned) the park itself (publically owned) is free.
BTW, Martin223, about 20 miles from Mt Rushmore is a giant stone carving of Crazy Horse. They have been carving it for decades. If finished, it will be the largest stone carving in the world.
Please don't blame the editor of this story for failing geography. He had a dead line to get this garbage posted. That masters degree didn't pay off so now he is contributing to the stupidity we deal with. Only hope for this azzhole is learn to lie, steal, and get a law degree so he can try a run at political office. Oops I forgot greeter at Walmart, however I am sure they would require that one knows what state they are in. Other than the state of confusion.
There are millions of other acres as well that need to be sold...this is just one option to help get us out of debt...but in the end some politician would f^%k off the money anyways so why even bother?
Maybe Congress should Vote themselves the following:
1) A healthy pay cut, minimum wages.
2) Make them buy their own Heath Insurance.
3) Cut Pension.
It may not erase all of the debt, but it would help!!!
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You don't have to sign up for Medicare. The catch? If you don't enroll when you're first eligible, you could pay some serious financial penalties later in life.
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