The discussion of the one trillion dollar coin has returned to the news cycle. The New York Times posted an article titled, “The Coin, the Constitution, Premium Bonds: The Debt Limit Workarounds.”
The mythical 1T$ coin is at the top of the page in Google search results, and we talked about it in our article, “Potential New Coin Law” a few weeks ago.
In short, a senator from Utah and a state representative from South Carolina have proposed separate bills that seek to prevent the creation of the 1T$ coin.
The reason the 1T$ coin keeps coming up is that the US budget deadline is upon us. Should the US government raise the debt ceiling? Should they not?
The creation of 32 coins could “erase” the US debt. To be clear, the government is not discussing the creation of 32, 1T$ coins to pay off the debt. There are people in government discussing the creation of one 1T$ coin to pay the interest on the debt.
As a coin collector, the idea of a 1T$ coin is fantastic. As a taxpayer, not so much. What is your take on the 1T$ coin? Should they mint it? Should they not? Let us know what you think.
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