I’m not sure what droll engraver put the words “In God We Trust” on the back of the $50 bill… right above the Capitol Dome.
Obviously, we can trust in God. That goes without saying. But… trust the people who work inside the Capitol Building? You gotta be kidding.
The latest joke is the arguments over the debt limit.
Last week, U.S. Treasury Secretary Janet Yellen said her department will begin taking “extraordinary measures” to prevent the United States government from defaulting on its payment obligations, as lawmakers in Washington jockey for position in the debt limit showdown.
“Extraordinary measures” will no doubt be more useful than “ordinary measures”. Because they are “extra”. “Extraordinary” is probably what a government ought to be, in this situation. We can only hope God is paying attention.
Secretary Yellen says she thinks her department can juggle the books for a few months, before the proverbial ‘something’ hits the fan. Apparently, she’s the main person in charge of the over-limit credit card.
House Speaker Kevin McCarthy — who won the House gavel after 15 rounds of voting — has indicated that Republicans could push for cuts to the federal budget, but he said they “don’t want to put any fiscal problems through our economy, and we won’t.” He didn’t clarify who, exactly, he means by “we”. There doesn’t seem to be an obvious “we” in Washington at the moment.
Some people who might consider themselves to be “we” are opposed to unrestrained federal spending, while other people who might consider themselves to be “we” want our federal government to keep writing an endless string of IOUs and selling Treasury notes to Japanese and Chinese investors.
Unlike our United States government, I’ve been pretty careful about staying under my personal debt limit, which is considerably lower than the government’s debt limit.
I find the best way to stay under my debt limit is to stop buying stuff. I’ve had to learn that, the hard way. Which is not to suggest that my credit card company is happy about my efforts. They would probably love to see me go over my debt limit, so they could jack up the interest rate on my card.
But I wonder if the United States government has learned anything, the hard way?
If I know anything about credit card companies, they are probably urging the government to begin “extraordinary measures” to increase their credit card limits. That would be, actually, the taxpayers’ limits, since you and I are on the hook, ultimately, for the debt. Although it seems like debt limits are not a real thing for the United States government in the same way they are for us ordinary mortals.
The aforementioned Treasury Secretary, Janet Yellen, wrote to Congress last week:
“I am writing to inform you that beginning on Thursday, January 19, 2023, the outstanding debt of the United States is projected to reach the statutory limit…”
Like it’s no big deal to exceed a $31 trillion debt limit. Like, just another normal Thursday, with the government spending money it doesn’t have. Like, money grows on trees.
If I were writing a note — for example, to my wife — informing her that we were about the reach our debt limit on January 19, the language might be a bit more harsh than what Secretary Yellen used. Maybe even ‘extraordinarily’ harsh.
Coincidentally, January 19, 2023 is also National Popcorn Day, according to the U.S. Census Bureau website.
I’m not sure if that’s related to Janet Yellen’s prediction about exceeding the debt limit.
Anticipation is half the fun, as a number of highly intelligent people have reminded us, and as even more people have shared as memes. I am anticipating a flurry of entertaining excuses coming from the White House and Congress on January 19, and plenty of sarcastic and droll commentary on late night TV.
Break out the popcorn!