#us default

सबसे बड़ी इकॉनमी कैसे बनी इतनी कर्जदार? US पर बढ़ते कर्ज की कहानी

सीधी सी बात है, अगर कमाएंगे कम और खर्च करेंगे ज्यादा तो कर्ज तो बढ़ेगा ही। दुनियाभर में शायद ही ऐसा कोई देश हो जो जिस पर कोई कर्ज न हो। मगर हैरानी तब होती है जब दुनिया की सबसे बड़ी अर्थव्यवस्था भी कर्जे में डूब रही हो। यहां बात हो रही है अमेरिका की, जिस पर कर्जा बढ़कर 37 ट्रिलियन डॉलर से भी ज्यादा हो गया है। भारतीय करंसी में यह रकम 3,235 लाख करोड़ रुपये से भी ज्यादा होती है।

अमेरिका पर 37 ट्रिलियन डॉलर कर्ज की जानकारी ट्रेजरी डिपार्टमेंट की नई रिपोर्ट में आई है। कोविड महामारी शुरू होने से पहले 2019 तक अमेरिकी सरकार पर 27 ट्रिलियन डॉलर का कर्ज था। इसका मतलब हुआ कोविड के बाद से अब तक अमेरिका पर 10 ट्रिलियन डॉलर का कर्जा बढ़ गया है।

अब यह कर्जा बढ़ता कैसा है? पहले इसे समझते हैं। मान लीजिए कि 2024 में सरकार की कमाई 400 रुपये है और खर्चा 500 रुपये है तो इसका मतलब हुआ कि खर्च पूरा करने के लिए 100 रुपये उधार लेने पड़े। अब 2025 में कमाई बढ़कर 600 रुपये हो गई लेकिन खर्चा भी बढ़कर 800 रुपये हो गया तो इसके लिए 200 रुपये फिर उधार लेने पड़े। इस तरह से कुल कर्ज हो गया 300 रुपये।

पूरा आर्टिकल यहां पढ़ें:

On Thursday, the U.S. Senate finally passed the bipartisan legislation to raise the US debt ceiling further from $31.4 trillion, thereby averting the possibility of a default. The Senate voted 63-36 to approve the bill. On Thursday, Senate Majority Leader Chuck Schumer said: “We are avoiding default tonight”. Furthermore, President Joe Biden added: “This bipartisan The post Crypto Inches Bit…

Republicans are only interested in raising the debt ceiling when it’s for giving tax breaks to the filthy rich. They don’t care if the United States defaults and causes something similar to the Great Recession. For Mitch McConnell, “owning the libs” is more important than economic stability. 

How Joe Biden could end the debt ceiling — all by himself Minting the trillion-dollar coin, the 14th Amendment, and other ways to finally kill the debt ceiling.

Dylan Matthews at Vox suggests four ways that President Biden can bypass Republican blackmail. The first option is the most interesting.

1. Mint the coin

If you were following the news during the 2011 and 2013 debt ceiling crises, you’ll remember this one. Way back in 2010, Carlos Mucha, a blog writer and commenter using the name Beowulf, noticed a strange federal law giving the US Treasury secretary the power to issue platinum coins of any value she wishes. The original intention behind the law, as its author, former Rep. Michael Castle (R-DE), told me back in 2013, was to make it easier to produce platinum coins for the international coin collector market. It had nothing to do with the debt ceiling.

But in 2011, Mucha revived the idea in the context of the debt ceiling standoff. The Federal Reserve, he noted, owns trillions in Treasury bonds. The Treasury secretary could issue, say, a platinum coin worth $2 trillion, deposit it into the Treasury’s account at the Fed, and use those funds to sustain the government until the debt ceiling is raised.

The best part of the “Mint the Coin” plan is that the idea of funding the government with a literal $2 trillion coin is extremely funny. The worst part is that it’s extremely funny, and thus seems insufficiently serious for the US government. That’s part of why the Obama administration rejected the idea.

But the legal case for minting the coin is as solid as platinum; just ask former US Mint head Philip Diehl, or Sen. Mike Lee (R-UT), who has introduced legislation to close the platinum coin loophole. The plain text of the law clearly allows the Treasury secretary to do this, and Jay Powell, the Fed chair and in a past career an expert on the debt ceiling and its dangers, is arguably legally required to accept the coin as a deposit.

So Biden could simply authorize the US mint to produce a platinum coin or a series of platinum coins with face values of tens of billions to several trillion dollars and then place the coins at the Treasury Department or some other secure place.

While the idea sounds hokey, it seems to be legally sound.

Ryder Resigns as U.S. Mint Director

David Ryder, the Trump-appointed director of the US Mint is resigning. He was regarded as mildly controversial – so his resignation may be due to some internal matter.

But the Biden administration may be wishing to clear away any potential obstacles at the Mint ahead of time in case some emergency coin making needs to be done quickly.

I thought you jackasses had gotten things under control.

http://www.reuters.com/article/2014/02/03/us-usa-fiscal-lew-idUSBREA120U320140203

(Reuters) - The Obama administration warned on Monday it could start defaulting on the government's obligations "very soon" after it runs out of room to borrow under a legal cap on public debt.

Washington is due to reinstate a limit on its borrowing at the end of this week and Treasury Secretary Jack Lew said the administration can use accounting measures to stay under the new cap until the end of February.

After that time, "very soon it would not be possible to meet all of the obligations of the federal government," Lew said at an event hosted by the Bipartisan Policy Center, a prominent Washington think tank.

U.S. politicians now partake in a regular dance around the country's so-called debt limit. First, Congress authorizes spending that outstrips tax receipts. Then lawmakers balk over whether to OK enough borrowing to pay the bills. A rancorous debate ensues over putting public finances on a stable path.

Washington has danced perilously close to the edge of default several times since 2011, and this year some Republicans pledge to extract policy concessions from Democrats before they allow the debt limit to rise.

The administration has vowed not to negotiate on the matter, and Lew said public finances are in good enough shape that long-term fiscal problems don't have to be solved this year anyway.

Federal debt ballooned during the 2007-09 recession and most analysts think Washington's obligations to pay for health care for the elderly will stress the budget more as U.S. society ages.

But Lew said the sharp reduction in budget deficits over the last few years has bought America time to improve its fiscal outlook.

"I'm not sure this is the year for the long-term fiscal challenge to be dealt with," Lew said. "We have a little time to deal with the longer term."

It is unclear if Republicans, who are pressing for an overhaul of the government's health care obligations, will put up much of a fight over the debt ceiling. U.S. House Speaker John Boehner, a Republican, said last month American "shouldn't even get close to" default.

TAX REFUNDS

In October, Congress and the administration suspended a $16.7 trillion cap on borrowing until February 7. If the debt ceiling isn't raised by then, Treasury can juggle money between government accounts for a few weeks to keep just under the new limit.

Once it loses the ability to borrow, Treasury would pay its bills by relying on incoming revenue and any cash left in public coffers.

No one is sure when the money would run out and lead to missed payments on everything from Social Security pensions to interest on the national debt. Lew said the end of February is a particularly bad time to start relying on a cash cushion. This is because the government at that time is mailing out tax refunds, so the Treasury thinks it would burn through its remaining cash more quickly than it would at other times of the year.

Many economists think a U.S. default could trigger a financial panic and perhaps even an economic depression, and Lew urged lawmakers to act swiftly to raise the debt ceiling.

"Unnecessary delays or political posturing ... could snowball into a manufactured crisis," he said.

“Without borrowing authority, at some point very soon, it would not be possible to meet all of the obligations of the federal government”,

Jack Lew BBC News – Jack Lew: US could default on debt by ‘end of month’

"The party that professes to worry about the deficit just cost the nation billions of dollars for no reason whatsoever: WELL DONE." -Andy Borowitz

"Sarah Palin said that if a deal isn't reached by Aug. 2, nothing will happen. Do you hear that, award-winning economists?" –Jimmy Kimmel

"Speaking of the debt crisis, I read that if the U.S. debt were stacked in $100 bills, it would be as long as two football fields and as high as the statue of liberty. You know, just in case $14 trillion didn't seem like a lot to you." –Jimmy Fallon

"I'm not saying this Congress is bad at its job. I'm just saying that this Congress is equivalent to a skunk with its head in a jar of Skippy peanut butter." –Jon Stewart