McCardle Blasts The $1-Trillion Coin Option

She nails it. And she gets into one of my personal pet-peeves, the idea that we need government to think long-term because corporations only think short-term.

Washington Goes Platinum – Megan McArdle –  The Daily Beast: “I hope you’ll pardon me while I go off on a rant here. The trillion dollar platinum is an absurdity wrapped in a legislative incongruity inside a farce. It is the logical extension of an utterly illogical legislative process that only becomes more irrational with each passing day. Each partisan battle has become stupider than the last. Silly loopholes are exploited for bargaining power, and the resulting stalemates are generally solved with a temporary patch that solves the immediate problem by creating a bigger one down the road. When the bigger problem arrives, naturally the other side seeks an even sillier loophole, resulting in an even more temporary patch.

The Great Platinum Coin Caper is everything that is wrong with Washington: a stupid partisan maneuver that erodes the institutions of our government for no gain other than an immediate political win. The only good thing that can be said about it is that the President seems to be too sensible to actually consider doing it. Nonetheless, the fact that intelligent people like Professor Krugman are even discussing this debacle, much less endorsing it, is a depressing reminder of just how nasty and short-sighted our nation’s capital has become.

When I was reporting on Wall Street, I used to be told with some regularity that government was needed to counteract the short-term thinking of the business sector, who never thought much beyond the next quarterly earnings report. This now seems as quaintly adorable as picture hats and daily milk deliveries. An ADHD day trader with a cocaine habit and six months to live has considerably more long-term planning skills than our current congress.”

And once again, I leave you with Remy on the debt ceiling.

  • jonnygalt

    “Nonetheless, the fact that intelligent people like Professor Krugman…”

    Well, I guess we all see the error of Megan’s line of thinking here. It’s true that at some point in his life Krugman was a Professor and was also intelligent. Neither applies to the 2013 version of Paul Krugman, who is more aptly described as both a political hack and an idiot.

    • speedmaster

      I saw that, too. I figured she was just being charitable. ;-)

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