Excellent interview filled with info made easily understood. Thank you, Paul Krugman, for your explanations and thank you, Al, for hosting such an interesting guest. This was a great one.
Stephanie Ruhle on MSNBC asked Biden specifically about the 14th Amendment option. He answered, "We're not there yet." So, as Paul Krugman says, Administration is absolutely signaling, 'we'll go there if you give us no choice.'
As always, Dr, Krugman speaks in simple, easily-understood terms about complex topics. I do hope he is right that no-one wants to be the one who tanks the global economy!
@@susanbengston3208 OH dear god, you just had to say that. Half of the House fits that description. MTG, Boebert, Gaetz, Gosar, Jordan, and so many others are gleefully looking at that cliff just like folks love to watch a train wreck. Of course they have scams in place to profit off of the wreck as well.
Thank you for bringing this gentleman on your show and for asking the questions the way you did to help us all understand what's going on economically better! Great job you both did!!
Thank you for a well-reasoned, clear discussion which helped me understand better what this whole complicated mess is about, politically and economically.
And the very wealthy seem to think - more than ever- they are God’s gift to America and don’t shell out at tax time like middle class people do. By doing so they also don’t fund the military. It’s a disgrace. They are a disgrace. Instead they funnel dark money to the federalist society where Corporations are King. It’s a problem. A big one.
Hi Senator Franken and Dr. Krugman, I am happy to know that the Fourteenth Amendment is being given serious consideration by the Biden Administration. President Obama was right when he said, "Elections have consequences." We almost hung on to the House. Had that happened, we would have raised the debt ceiling by now. Hopefully, we could have pushed it past the 2024 General Election.
The Democratic leadership had the opportunity to get rid of the damn debt ceiling once and for all back in November/December (during the lame duck session)... but they didn't. They must think it's a winning strategy to let the GOP threaten to destroy the world economy, but by not eliminating the debt ceiling last year, they share significant responsibility for whatever calamity may happen as a result.
If we did not have so much Gerrymandering, this would not be happening, since the Dems would still control the House. But in States like Ohio, the last time I checked, Republicans can get 55% of the vote for House Seats and "win" 75% of the Ohio House Seats. I am no Political Scientist, but that does not seem very Kosher to me!
Economics was one of the most difficult college classes that I took as an undergraduate. I learned economics through real-life experiences. Sometimes, I learned it the hard way by making mistakes. As I grew older, economics made more sense to me. This podcast has made me understand economics more. Thanks, Al.
It's not discussed because no serious economist would subscribe to it. Paul wouldn't. It only looks brilliant to outsiders with no real training in macroeconomics.
The trump's have been spending then refusing to pay since the 1880s. Frederick Trump was EVICTED from Germany for EXTREME VIOLENCE TO WAR ORPHANS, which he exploited until they dropped dead from STD EXPOSURE. Frederick then slithered to US border then into southwest CANADA to raise $$$ MILLION selling human FLESH!
Because in the 2023 Omnibus spending bill (passed 6 months ago) they didn’t bother to also increase the debt ceiling. Btw it passed 78-29 in the senate so it could have easily be done.
46:05 It doesn't matter if the American people can grasp it or not. The people for whom it matters can afford accountants. We don't need Joe Average to sign off on every provision of the tax code, we need to power to implement a sane tax code and everyone will get used to it over time.
I'm a lawyer, but I played a TH-cam commenter in a sketch once....brilliant again thank Sen. Franken. You were one of the main people who made me follow US politics. The other person shall remain orange for confidential purposes.
Sadly, Biden won't do that. If I were Biden I would let the Republicans walk us right up to the edge of that cliff. Then immediately order two trillion dollar coins to be minted. After that I would Executive Order myself into my second term by getting shit done with that extra trillion dollar coin. All the while, blaming Republicans for forcing me to actually getting shit done and making America a better place without their input.
Sounds an awful lot like the the old Whiskey Runners and mafia power grabbing days, eh? “Those who don’t learn from history are doomed to repeat it.” Nothing like a minority of Americans hitting the brick wall of Ignorance head on.
If you haven’t noticed, those two are incredibly ignorant of all things legislative. They are in politics for the fame and the grift… just like their orange idol.
I agree because both women don’t even get it but all the republicans do understand and they don’t care because they are rich and we the Americans are not so who cares right?
The debt ceiling is fundamentally unconstitutional under section 4 of the 14th amendment. It is important to note that 14-4 was *specifically enacted* to *stop former confederate states* from *refusing to pay debts already incurred*... which is exactly what is happening now. These are debts legally issued and long held - in many cases they're 30 year old treasuries from the time of Speaker Newt Gingrich's budget and signed into law by then-President Bill Clinton.
If the US were to violate Section 4 of the 14th Amendment of the US Constitution- would that affect the standing of the provisions in the rest of the document? In other words, if the government clearly violates a provision, does it render the others moot, or legally questionable?
I don't see why it would. I would think, instead, that the Republicans would immediately vote to impeach Biden for violating the Constitution. This would obviously be a massive hypocrisy, which, if anything, makes it more likely.
Anything is legally questionable, that is what the court systems are for. Especially the SCOTUS, which can interpret what is legal and what is not. When it comes to the constitution the SCOTUS would be able to decide if what the federal government is trying to implement is how they(the justice's) think was meant by the writers. Or in other words they get to say what a particular amendment means and therefore what is legal. Unfortunately the federal and SCOTUS courts have been heavily corrupted by the Republicians since the later 1980's. That was planned as a method to maintain power even if they were voted out of power.
Al, my *ideal* way to tax international corps is to tax them on their revenue collected in the US less just wages paid to Working American "stiffs", not managers. Not on profits, because profits can be moved overseas. The rate can be lower than if it was on profits. I assert that the market will adjust. Also, taxes on corps should be steeply progressive to make huge corps be at a tax disadvantage compared to smaller corps. Corps want to be more like people and people are taxed with progressive tax rates, so corps can the taxed progressively too.
I always click on Dr. Krugman! Got priced out of my NYTIMES subscription and I miss his byline. I wish he had a newsletter. How would Empty Green feel about a Platinum Putin coin😁? Hint : she would BUY ONE🙄
Dr. Lawrence Tribe, the constitutional lawyer, just published a NYT editorial in full-throated support of the 14th Amendment solution, with a full rationale and specific steps outlined.
How about a federal land value tax in addition to a tax on unrealized gains? Any profit from investments above a million dollars should be taxed as if the median rate of return was realized. Investments could be land, mineral rights, patents, copyrights, lobbying, or stocks and bonds.
You mean like putting a Senile old man pedophile in office, defund police, opening our borders, allowing men in women's sports, reparations. Ya, The Republicans need to do the right thing. Wake up KAREN.
I would like to ask Prof. Krugman just how long he thinks the United States treasury can continue to print money (and borrowing money without having any intention of paying back the principal is essentially the same as printing money) without jeopardizing the preeminence of the dollar as the world’s reserve currency?
stop focusing on the 1% .. it's the top 9% just below them where the bulk of the wealth is .. top 1 has 20% while the top 9 has 80% and that 'class' maintains their power through monopolizing our politics courts finance & corporations .. franken & krugman are in the top 9% .. (yale & harvard) ..
I used to take the debt seriously. I cheered when Clinton lowered it. Then I looked on as Bush declared because the debt was low, Americans would get a refund, in the form of a tax cut for the rich. That's when I realized I was a sucker.
Question ????? ....... Is there no facility to by-pass the Republican party and the supreme court and go straight to the people in either a referendum or a general election ???
The power to "coin money" is an explicit constitutional power of the Congress. Doesn't the "non-delegation" doctrine (which is back in fashion in this SCOTUS) say that the $trillion coin must by coined by Congress, and not by the Treasury?
Paul Krudman is a shining example of someone who made a career of making predictions that where almost exclusively wrong and somehow is put on a pedestal by those who prefer his political stance.
The President can’t borrow or lift the debt ceiling all by himself. What he should do is have the congressmen who vote against raising it arrested and thrown in jail and held in solitary confinement until they change their minds.
Marlow a famous actor once said, before he will act in a new film he needs room to "Swing a CAT" Well Republican Congress needs room to "Swing a gator!"
If the US Treasury ignores the debt limit and pays all its bill who would have standing to sue? Congress might but they would go to court and say we passed contradictory laws and we're upset because the President followed one vs. another.
Cut out waste; cut out ignorant redundancy; root out corruption; end pork project; take care of own citizens, before sending $$ to others; & slash non essential spending (president Coolidge). Thered be no worries about the debt ceiling
The platinum coin is a gimmick. We don't need gimmicks. This was a good talk. Americans need to learn more about economics. As I understand it, the Federal Reserve and/or US Treasury can create money from nothing. One or both are currency issuers. I've been listening to and reading about Modern Monetary Theory.
I use what I call the “Two Paul Rule” Whatever Paul Krugman or Paul Erhlich say, the opposite is true. Krugman actually wrote a column in the NYT about “How to profit from the coming Biden boom”!
I am a big fan of Krugman. Have been for Years! And Al Franken - oooh, how I miss him in the Senate!! Amy K is ok…but she sure isn’t Franken. What a loss….
Mint some of the platinum coins. Tell the opposition that, if they kill the debt ceiling legislation, the coins will be destroyed. Otherwise, more will be minted. {;o]
Never negotiate with terrorists. Let the chips fall where they may. Either the law is unconstitutional or not and it's not a bad law. If it takes driving the country over a cliff to make the point and make clear that this game of chicken is insane, so be it.
Excellent interview filled with info made easily understood. Thank you, Paul Krugman, for your explanations and thank you, Al, for hosting such an interesting guest. This was a great one.
Stephanie Ruhle on MSNBC asked Biden specifically about the 14th Amendment option. He answered, "We're not there yet." So, as Paul Krugman says, Administration is absolutely signaling, 'we'll go there if you give us no choice.'
We must!
Thank you Al and Paul
As always, Dr, Krugman speaks in simple, easily-understood terms about complex topics. I do hope he is right that no-one wants to be the one who tanks the global economy!
No one with a functioning brain and intelligence.
He has to. This was prepared for simple minded Democrats. Let them patronize you, fools. This bullshit will end in another Biden stutter.
@@susanbengston3208 OH dear god, you just had to say that. Half of the House fits that description. MTG, Boebert, Gaetz, Gosar, Jordan, and so many others are gleefully looking at that cliff just like folks love to watch a train wreck. Of course they have scams in place to profit off of the wreck as well.
Thank you for bringing this gentleman on your show and for asking the questions the way you did to help us all understand what's going on economically better! Great job you both did!!
Hmm, 6am and I just finished listening to this. SUPER.
Thank you for a well-reasoned, clear discussion which helped me understand better what this whole complicated mess is about, politically and economically.
Wow. I’ve missed Paul Krugman for the longest time. Love what he has to say.
The cold war was also a driver of the debt and then there are the wars that Reublicans started and carried on for 20 years.
Without raising a single nickle to pay for them. I guess you can't sell war bonds if you can't call it a war.
Tax cuts and bailouts to the very wealthy
That cost our Treasury $6T dollars and gained us ZIP! Thanks for nothing, George W. Bush!!!
And the very wealthy seem to think - more than ever- they are God’s gift to America and don’t shell out at tax time like middle class people do. By doing so they also don’t fund the military. It’s a disgrace. They are a disgrace. Instead they funnel dark money to the federalist society where Corporations are King. It’s a problem. A big one.
The Cold War was most certainly not started be the Republicans
Amen. Krugman was more rational than I expected. Great episode with lots of insights.
Why on earth would you expect otherwise?
Hi Senator Franken and Dr. Krugman,
I am happy to know that the Fourteenth Amendment is being given serious consideration by the Biden Administration. President Obama was right when he said, "Elections have consequences." We almost hung on to the House. Had that happened, we would have raised the debt ceiling by now. Hopefully, we could have pushed it past the 2024 General Election.
gvvvgg g
vv vv v vv vvvvvv😅😅v😅 v😅 vv vv😅v v vg fv v vgg
The Democratic leadership had the opportunity to get rid of the damn debt ceiling once and for all back in November/December (during the lame duck session)... but they didn't. They must think it's a winning strategy to let the GOP threaten to destroy the world economy, but by not eliminating the debt ceiling last year, they share significant responsibility for whatever calamity may happen as a result.
If we did not have so much Gerrymandering, this would not be happening, since the Dems would still control the House.
But in States like Ohio, the last time I checked, Republicans can get 55% of the vote for House Seats and "win" 75% of the Ohio House Seats.
I am no Political Scientist, but that does not seem very Kosher to me!
Economics was one of the most difficult college classes that I took as an undergraduate.
I learned economics through real-life experiences. Sometimes, I learned it the hard way by making mistakes.
As I grew older, economics made more sense to me.
This podcast has made me understand economics more.
Thanks, Al.
Good stuff, Al
I just finished reading Stephanie Kelton's "the Deficit Myth". I wish modern monetary theory were more discussed.
Brilliant book! No wonder the theory is ignored by the grifters in Congress
It's not discussed because no serious economist would subscribe to it. Paul wouldn't.
It only looks brilliant to outsiders with no real training in macroeconomics.
Very informative thank you both.
How can Congress authorize spending and then refuse to pay for it? That shouldn't even be possible to begin with.
The trump's have been spending then refusing to pay since the 1880s. Frederick Trump was EVICTED from Germany for EXTREME VIOLENCE TO WAR ORPHANS, which he exploited until they dropped dead from STD EXPOSURE. Frederick then slithered to US border then into southwest CANADA to raise $$$ MILLION selling
human FLESH!
Because in the 2023 Omnibus spending bill (passed 6 months ago) they didn’t bother to also increase the debt ceiling. Btw it passed 78-29 in the senate so it could have easily be done.
For a change…what a great conversation. Thank you, both!❤
I Love You, Al.
me too.
I learned a lot from this one, for a change. Wink wink. Thank you both!
Great dialog. So clear and timely! Thank you both.
46:05 It doesn't matter if the American people can grasp it or not. The people for whom it matters can afford accountants. We don't need Joe Average to sign off on every provision of the tax code, we need to power to implement a sane tax code and everyone will get used to it over time.
I love listening to Paul's ideas he is always so sensible.
Great podcast! Appreciate the intellectual banter!
1 Make the trillion dollar coin.
2 Make the rich pay their taxes.
3 Make America more like Denmark.
Make America Greenland Again
As a Dane, I challenge you to try
Not 1.
Trillion dollar coin??what is that lol
4 Give people meaningful employment that allows them to build equity in the economy.
Thanks for the q &a. I learned enough to appreciate what you do so well even more.
That's one of the best descriptions I've heard about this - 'financial terrorism'
I'm a lawyer, but I played a TH-cam commenter in a sketch once....brilliant again thank Sen. Franken. You were one of the main people who made me follow US politics. The other person shall remain orange for confidential purposes.
Krugman as a NYT columnist? Nobel Prize winner in Economics
Please run Al, we need you back in the Senate ... even as a Representative!
LMAO. Penn and Teller would be better.
@@fredalzner2641 all three would be better than the clowns carrying water for Putin
Why not just mint a trillion dollar coin and dangle it from a stick in front of Thomas? We could get him to vote however we want after that.
Sadly, Biden won't do that. If I were Biden I would let the Republicans walk us right up to the edge of that cliff. Then immediately order two trillion dollar coins to be minted. After that I would Executive Order myself into my second term by getting shit done with that extra trillion dollar coin. All the while, blaming Republicans for forcing me to actually getting shit done and making America a better place without their input.
True. SCOTUS is for sale after all.
You could also bribe ANY religious leader with that same ploy
Save the coin! You can buy Kavanaugh for a six pack of Budweiser!
@@zdk1099not anymore... the trumpers are boycotting Budweiser
So guns are ok if crazies have them but not IRS agents 😂😂😂 WTF
Sounds an awful lot like the the old Whiskey Runners and mafia power grabbing days, eh? “Those who don’t learn from history are doomed to repeat it.” Nothing like a minority of Americans hitting the brick wall of Ignorance head on.
Love you al Franken,you are the best
Great job
Thank you Al
PK is such a treasure !!
Need Al back in Washington asap
I think Marjorie Taylor Green and Boebert would let the U.S. default on its debt and there are a few men in Congress who would do the same.
If you haven’t noticed, those two are incredibly ignorant of all things legislative. They are in politics for the fame and the grift… just like their orange idol.
They would-Marjorie Traitor Greene has threatened ANY REPUB who votes with the Dems. How sick is this?
I agree because both women don’t even get it but all the republicans do understand and they don’t care because they are rich and we the Americans are not so who cares right?
Oh yes, the maga maniacs, not a single cell of governing ability amongst the lot.
The debt ceiling is fundamentally unconstitutional under section 4 of the 14th amendment.
It is important to note that 14-4 was *specifically enacted* to *stop former confederate states* from *refusing to pay debts already incurred*... which is exactly what is happening now.
These are debts legally issued and long held - in many cases they're 30 year old treasuries from the time of Speaker Newt Gingrich's budget and signed into law by then-President Bill Clinton.
In Al Franken We Trust.
But not with your kids.
I'm an old school Republican, and on behalf of all 4 of us normal Repubbers, we apologize to Al Franken. #VoteBlue #NeverTrump
The one who needs to apologize is Kristen Gillebrand.
I say yes to everything....we can not let them hold our economy hostage ......what ever is needed ...
Great show!
This was great - fantastic interview. Thank you both!
If the US were to violate Section 4 of the 14th Amendment of the US Constitution- would that affect the standing of the provisions in the rest of the document? In other words, if the government clearly violates a provision, does it render the others moot, or legally questionable?
I don't see why it would. I would think, instead, that the Republicans would immediately vote to impeach Biden for violating the Constitution. This would obviously be a massive hypocrisy, which, if anything, makes it more likely.
Good question!
Anything is legally questionable, that is what the court systems are for. Especially the SCOTUS, which can interpret what is legal and what is not. When it comes to the constitution the SCOTUS would be able to decide if what the federal government is trying to implement is how they(the justice's) think was meant by the writers. Or in other words they get to say what a particular amendment means and therefore what is legal.
Unfortunately the federal and SCOTUS courts have been heavily corrupted by the Republicians since the later 1980's. That was planned as a method to maintain power even if they were voted out of power.
Al, my *ideal* way to tax international corps is to tax them on their revenue collected in the US less just wages paid to Working American "stiffs", not managers. Not on profits, because profits can be moved overseas. The rate can be lower than if it was on profits. I assert that the market will adjust. Also, taxes on corps should be steeply progressive to make huge corps be at a tax disadvantage compared to smaller corps. Corps want to be more like people and people are taxed with progressive tax rates, so corps can the taxed progressively too.
Al, you got some really great stuff, though I really liked this one, ya know, for a change. 😉 finally.
I always click on Dr. Krugman! Got priced out of my NYTIMES subscription and I miss his byline. I wish he had a newsletter. How would Empty Green feel about a Platinum Putin coin😁? Hint : she would BUY ONE🙄
Break up monopolies. Then the few can't own the all/ most. My Dad always said Monopolies were BAD. And they get piggish, greedy and ugly !!
I wouldn't be surprised if McCarthy is trying to find enough votes to do an end run around his own bill lol.
Dr. Lawrence Tribe, the constitutional lawyer, just published a NYT editorial in full-throated support of the 14th Amendment solution, with a full rationale and specific steps outlined.
I guess I'm glad I listened to this. Thank
Excellent! Thank you
Thanks, Paul. Agree completely. Took Economics, and understand you well. Al, please go back !!!!!
This is a great video!
SAVE our Country and our Children, VOTE Democrat...
I appreciate Mr. Krugman's explanation. I see the huge debt as a drag, a burden on our future generation, a derating on our economic viability.
How about a federal land value tax in addition to a tax on unrealized gains? Any profit from investments above a million dollars should be taxed as if the median rate of return was realized. Investments could be land, mineral rights, patents, copyrights, lobbying, or stocks and bonds.
SCOTUS loves these types of cases, lol.
You are absolutely right Al you got a great one today 🇺🇸
Great discussion. I hope more Republicans will do the right thing for our country and the world. 50:31 50:31
You mean like putting a Senile old man pedophile in office, defund police, opening our borders, allowing men in women's sports, reparations. Ya, The Republicans need to do the right thing. Wake up KAREN.
In addition we should eliminate all deductions.
Please tell me president Biden can help us all and not give in to McCarthy please???
A well reasoned discussion about a group of economic arsonists.
If corporations are people, (Citizens United) then they have to be taxed accordingly.
I would like to ask Prof. Krugman just how long he thinks the United States treasury can continue to print money (and borrowing money without having any intention of paying back the principal is essentially the same as printing money) without jeopardizing the preeminence of the dollar as the world’s reserve currency?
Put it on the constitution, and force the Supreme Court to decide if we default or not. 9:44
stop focusing on the 1% .. it's the top 9% just below them where the bulk of the wealth is .. top 1 has 20% while the top 9 has 80% and that 'class' maintains their power through monopolizing our politics courts finance & corporations .. franken & krugman are in the top 9% .. (yale & harvard) ..
The argument for the 'Lindbergh coin' should apply to guns. You can own as many muskets as you want, but just muskets.
I used to take the debt seriously. I cheered when Clinton lowered it. Then I looked on as Bush declared because the debt was low, Americans would get a refund, in the form of a tax cut for the rich. That's when I realized I was a sucker.
Question ????? ....... Is there no facility to by-pass the Republican party and the supreme court and go straight to the people in either a referendum or a general election ???
The ignorance of Musk’s actual taxes here was pretty disappointing, but an overall good discussion.
The power to "coin money" is an explicit constitutional power of the Congress. Doesn't the "non-delegation" doctrine (which is back in fashion in this SCOTUS) say that the $trillion coin must by coined by Congress, and not by the Treasury?
Why should the rich be taxed more? Easy answer! That's where the real money is!
Put Trump's image on the trillion dollar coins. How could vote against THAT?!
Informative.
Great interview, I have a new invention to stop all impassee for ever, but both parties would need to keep their word and not sure that would happen.
Paul Krudman is a shining example of someone who made a career of making predictions that where almost exclusively wrong and somehow is put on a pedestal by those who prefer his political stance.
Presumably the premium bond would have a callable feature. Thus when the ‘crazies’ move out of congress treasury could call back the premium bond.
❤ thanks
Scary!!
The President can’t borrow or lift the debt ceiling all by himself. What he should do is have the congressmen who vote against raising it arrested and thrown in jail and held in solitary confinement until they change their minds.
Marlow a famous actor once said, before he will act in a new film he needs room to "Swing a CAT" Well Republican Congress needs room to "Swing a gator!"
Fight crazy with crazy. The contest becomes smart vs stupid. Trillion dollar coin, anyone?
Thanks Senator Franken and Dr. Krugman!
If the US Treasury ignores the debt limit and pays all its bill who would have standing to sue? Congress might but they would go to court and say we passed contradictory laws and we're upset because the President followed one vs. another.
Cut out waste; cut out ignorant redundancy; root out corruption; end pork project; take care of own citizens, before sending $$ to others; & slash non essential spending (president Coolidge). Thered be no worries about the debt ceiling
When you have to borrow money to pay interest on the debt you owe you are insolvent.
$1T coins and Bonds, etc. DO IT ALL!!!
👍🏻
Ha ha, I didn’t know Al Franken was still around…
The platinum coin is a gimmick. We don't need gimmicks.
This was a good talk. Americans need to learn more about economics. As I understand it, the Federal Reserve and/or US Treasury can create money from nothing. One or both are currency issuers. I've been listening to and reading about Modern Monetary Theory.
I use what I call the “Two Paul Rule” Whatever Paul Krugman or Paul Erhlich say, the opposite is true. Krugman actually wrote a column in the NYT about “How to profit from the coming Biden boom”!
I am a big fan of Krugman. Have been for Years! And Al Franken - oooh, how I miss him in the Senate!! Amy K is ok…but she sure isn’t Franken. What a loss….
"Of what would you have me?"
The first, the final, query of the machine-as-being conscious.
We neglect our slavish works.
Mint some of the platinum coins. Tell the opposition that, if they kill the debt ceiling legislation, the coins will be destroyed. Otherwise, more will be minted.
{;o]
Think about doing these interviews like John Stewarts "The Problem" so there's video and maybe a third person
Enlightened AI may just kill all pointy headed derpy Republicans. I mean it's supposed to be intelligent, right? A Republican AI would be oxymoronic.
Don't fall asleep on the couch if Al is around.
Just get rid of the dang debt ceiling. Its a totally fake constraint. It has not forced fiscal discipline as it has been raised everytime.
I wish they had been more informative regarding the 14th amendment and its role in this process
Never negotiate with terrorists. Let the chips fall where they may. Either the law is unconstitutional or not and it's not a bad law. If it takes driving the country over a cliff to make the point and make clear that this game of chicken is insane, so be it.
The Federal Reserve should allow the government to overdraft their Federal Reserve account. Then the president should invoke the 14th amendment