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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The reason the debt ceiling has never been an issue before is because Congress has always raised it automatically in all previous administrations. It is only because Republicans want this President to fail so badly that they are willing to ruin our credit rating and damage our economy in the process. If all the negative posters spent more time reading our Constitution than listening to Rush and Hannity they would know that the President does not create debt. It is the Congress that passes the laws to increase spending not the President and if I remember correctly they were especially active during the Bush administration running up the tab with two unfunded wars, two massive tax cuts, and Medicare Part D. For the record, most of the 47% who do not pay taxes are retirees and veterans. I’d say they have given enough!
Pimping national treasures? It sounds like it's time to enroll the the federal govenment in a 12 step program. Uncle Sam's got a problem.
Congress should be getting whatever the average pay is for the area they represent. Not 10 or 12 time that, I bet you all wish you could vote yourself a raise every time you want one.
I sure wish I could.
Pretty stupid idea...but then...what can you expect from a panic stricken government that is beginning to realize the purse is empty...and the citizens have decided to NOT give it a raise!
Learn to live within a budget! CUT SPENDING!
We have had enough !
I'm looking forward to the future episode of Pawn Stars where Obama stops in with a photo of Mt. Rushmore. Had to go to the Fed when he was only offered $2,000 and $500 store credit.
The problem with such statements is that some dimwit somewhere might believe you. There are NO facts to support any part of statement blaming the current president for the obvious errors of Trickly-Down economics and passing laws without properly funding them. Oh, and starting two huge wars, and then giving the richest a tax holiday that lasted for ten years. It is no wonder that America can not pay its bills!
Let's stick to facts: our President is trying to save our economy. President Obama has not sold ANYTHING to China, at all, at any time. Our attempts to stimulate our economy have been curtailed, cut back, minimized and deteriorated by the Republicans, time and again.
After the Bush Recession, American economic growth needed a sledgehammer and all the Republicans in Congress would approve is a tack hammer. Still, even with a diminished bill, the President managed to: Double the stock market, save banks and brokers and industries, and hold taxes down.
If anything has hurt our economy, it is the Republicans and the T.P.'ers blocking rational government. Republicans are too buys lining their pockets to bother with understanding the economy, much less doing anything useful about it.
Republicans prove, once again, that they CAN NOT GOVERN!
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[BRIEFING.COM] The stock market ended the Thursday session on an upbeat note with blue chips showing relative strength for the second consecutive day. The Dow Jones Industrial Average (+0.4%) and S&P 500 (+0.3%) settled ahead of the Russell 2000 (+0.2%) and the Nasdaq Composite (+0.1%). It is worth mentioning the benchmark index posted its fourth consecutive gain, registering a new record closing high at 1992.38.
Equity indices climbed out of the gate thanks to early strength among ... More
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