Mint the Trillion-Dollar Platinum Coin, Dark Brandon!

You have to give some credit to the new Republican House majority: The first week of their new reign was hilarious. Between several days of watching Kevin McCarthy get subjected to ritual humiliation and New York Congressman George Santos’s total commitment to ensuring that not a day would pass without fresh “revelations” about his haphazardly constructed lies, this has been a period of peak content. While it may have been possible for Democrats, like Katie Porter, to practice “the subtle art of not giving a fuck” during this period, I’m sorry to say that the time for chortling is over—and the fuckery that the GOP’s House majority has planned will be anything but subtle. 

Already there’s been a lot of hot talk about Star Chamber–style investigations and possible impeachments. The House is in session, in chaos, and there’s not much to be done about it until the next election. But there’s one concern that stands out: the likelihood that the GOP will drag the country to the brink of a debt default, and perhaps even push us over the edge. I know, I know: How many times are we going to go through this? The Democrats had a chance to disarm this ticking time bomb during the lame-duck session but chose not to. Now it’s essentially understood that the threat of a debt limit default is back for the duration. 

Well, we can live with the constant fear of a GOP-precipitated debt default for the next year if we want, in the hopes that cooler heads will prevail and cobble together some sort of short-term compromise that might tide the global economy over until the next deadline. Or we can do what we should have done a long time ago: have the president command the U.S. Treasury to mint a magic trillion-dollar platinum coin, stash it in the Treasury, and end the danger once and for all.

I know what a lot of dull-witted pundits are going to say about this proposal: You can’t just mint a magic coin, it’s a total gimmick, this is crazy talk. You want to know what’s really crazy? Agreeing to remain the secretary of the treasury during a period of time when the House of Representatives’ primo nutters have made it their cause célèbre to regularly threaten to tank the global economy. But just this week, Bloomberg News reported that Treasury Secretary Janet Yellen—who herself has called the platinum coin a “gimmick”—will remain in the role for “the duration.” If she wants to survive, let alone enjoy her tenure, she should tell Joe Biden that she’s ready to mint the coin. Honestly, I’d question the judgment of any treasury secretary who wouldn’t do so, given the sadomasochistic alternative of grimly enduring an escalating series of economic nightmare scenarios.  

In politics, conflict and complications are inevitable. Simple solutions are in short supply. And we all have a tendency to overthink things. It was, in fact, “overthinking things” that got us into this mess: During the “Grand Bargain” phase of his presidency, Barack Obama thought it would be a great idea to use the occasion of raising the debt ceiling as a moment to enter into larger negotiations on debt reduction. Obama just threw open Pandora’s box, enabled the GOP’s plunge into debt-limit psychosis, and we’ve been struggling to get unfucked ever since.

It was also, not coincidentally, during Obama’s first term that the idea of minting a trillion-dollar coin—which appears to be an entirely legal cheat code, thanks to a few sentences in a 1996 law—first arose. Now Biden, who had a front-row seat to Obama’s massive cock-up, can end this grievous era of totally overthinking it. By embracing the kind of mentality that Alexander the Great deployed when he was faced with the Gordian knot, or which Indiana Jones turned to when challenged by a scimitar-spinning fool who failed to observe that he was carrying a loaded pistol, Biden can write his name alongside these legends. He can reach for the quickest solution to the debt ceiling fiasco and secure Dark Brandon’s place in history by minting the coin.

The main criticism against minting the coin appears to be that it might worsen inflation. But the truth is, no one knows because we’ve never tried it—and certainly defaulting on the nation’s debt would have more immediate and drastic economic consequences than minting a coin and stashing it away. The idea may seem absurd on its face, but as Zachary Carter argued back in 2021, the real absurdity is the debt ceiling itself. There’s a beautiful symmetry about thwarting the ridiculous problem it poses with an equally ridiculous solution.

What are the biggest problems that the people of Rapid City, South Dakota, have to face? I’d argue that its citizens should be most concerned that the sole reason the state seems to exist is to provide a haven for oligarchs and tax cheats. But not everyone agrees—and in what is becoming a pitched mayoral race in the state’s second-most-populous city, it’s a matter of hot debate. If you listen to city Councilwoman Laura Armstrong, who has already announced her intention to run, she’ll tell you the biggest issues are crime and meth. But a potential rival, her council colleague Jason Salamun, has identified a different villain: TikTok.

Over the past few months, TikTok—the social media platform that Gen Z has taken to in droves and which their aunts don’t quite understand—has earned the opprobrium of lawmakers near and far. The Wall Street Journal, which reported on these Rapid City goings-on, asserts that concerns over the platform have gone “from Washington to Main Street”—and with a bipartisan sheen to boot. It’s hardly the first time a tech company has drawn the critical eye of policymakers. But what critics of TikTok claim is a matter of national security looks, upon closer inspection, to be a familiar concern about privacy that could just as easily be levied—and should be levied—against a whole array of U.S.-based tech companies.

The political war on TikTok has been brewing for some time, but it ramped up in mid-December when bipartisan legislation was introduced in both the House and Senate that would ban TikTok outright in the United States. That this measure suddenly arrived on the scene with such broad approval was, to me, a red flag. Bipartisan legislation typically falls into three categories: the naming of post offices, the funding of unwinnable wars, and stupid pieces of stunt legislation. My suspicions were confirmed when I saw the name of the bill: Averting the National Threat of Internet Surveillance, Oppressive Censorship and Influence, and Algorithmic Learning by the Chinese Communist Party Act, or ANTI-SOCIAL CCP Act. As my colleague Matt Ford has written, acronym bills are typically the work of the unhinged or the unserious.

Nevertheless, it does seem as though this bipartisan and bicameral desire to limit TikTok’s ability to, say, briefly cement Louis Theroux’s status as a hip-hop icon, was born of bona fide real-world concerns. As NBC News’s Rebecca Shabad reported, lawmakers took the step after receiving “warnings from the FBI director and cybersecurity experts who have said China could use the social media platform for spying”; Buzzfeed reported in June that China-based employees of TikTok’s parent company had accessed the nonpublic data of U.S. users despite assurances to the contrary. The ANTI-SOCIAL CCP Act, put forth in the Senate by Marco Rubio, sought “to protect Americans from foreign adversaries who might use certain social media to surveil Americans, learn sensitive data about them, and spread influence campaigns or propaganda.”

But TechDirt’s Karl Bode took a dim view of Rubio’s proposal, and with good reason. “For several years,” he wrote, “we’ve noted how most of the calls to ban TikTok are bad faith bullshit made by a rotating crop of characters that not only couldn’t care less about consumer privacy, but are directly responsible for the privacy oversight vacuum TikTok (and everybody else) exploits.” Bode noted the dubious legal underpinnings of the measure but found a larger fault at the core of the proposal: “For decades the GOP (and more than a few Democrats) have worked tirelessly to erode [Federal Trade Commission] privacy enforcement authority and funding, while fighting tooth and nail against absolutely any meaningful privacy legislation for the Internet era.”

This door has been open for tech companies of all stripes to abuse in similar fashion. “If you actually care about national security,” wrote Bode, “holding all companies and data brokers accountable for privacy abuses should be your priority. A basic, helpful, well-written privacy law should be your priority. A working, staffed, properly funded FTC should be your priority.”

We have some idea what a more rigorous regulatory regime looks like. European authorities this week dropped hundreds of millions of dollars’ worth of fines on Mark Zuckerberg as part of the EU’s larger effort to bring Meta into compliance with the privacy regulations of its member nations. That we don’t have this level of enforcement in America is down to the fact that firms like Meta spend a lot of time and money influencing our lawmakers to retain a status quo in which they have broad latitude to do the very things TikTok stands accused of doing: surveilling Americans, acquiring sensitive data about them, and subjecting them to influence campaigns and propaganda.

What’s likely to happen once all the shouting is over? As Bode notes, a stateside TikTok ban is not going to prevent China’s exploits in the field of data acquisition: “You could ban TikTok immediately and the Chinese government could simply buy this (and more) data from a rotating crop of dodgy data brokers and assorted middlemen.” Meanwhile, the tech industry’s surveillance-capitalism panopticon will continue its work. Lawmakers could take bigger and more effective efforts to secure our privacy, but until then we’ll get a few brief and repetitive seconds of feckless and ineffectual parliamentary song-and-dance from lawmakers across the land. How very TikTokian.

This week, The New Republic will be devoting some of our time to looking back at the villains, ghouls, and do-gooders who shaped the past year in politics. A new Scoundrel of the Year will take their place alongside such luminaries as Mark Zuckerberg and Ron DeSantis, and the entire TNR staff will be making contributions to the cause. In looking back on the work TNR has published in 2022, I keep coming back to one big idea that I’ve tried to nurture on these pages: the necessary fight for the Good Life.

Longtime readers may remember how I tried to elucidate the borrowed-from-Keynes concept of the Good Life as a means of offering a then-wayward Democratic Party a way to get its messaging unstuck. To my mind, the elements of the Good Life boiled down to this: “More shared prosperity to reduce economic inequality; more widely distributed political power so that people have more control over their own lives; more political stability to keep upheaval at bay; and, most important of all, more time with the people we love.”

These are simple ideas that can inform a broad compact with America—one that would recover wealth that was stolen from us and provide a more just and equitable future. Democrats, of course, didn’t end up taking the beating many expected in the midterms, in part because they told a good story about democracy, the fountain from which the Good Life flows. They’ll have an opportunity to keep advancing this vision. Some of my favorite pieces from the past year might help light the way.

Democrats should stop panicking about elections, Walter Shapiro argued: The election “reminds Democrats … that it is time to go back to trusting the American people.” A good place to begin—but there is work to be done. As Joe Lowndes and Daniel Martinez HoSang documented at length, the GOP has made inroads with candidates of color, and Democrats have to take that threat seriously. I’ve urged Democrats to be more proactive, rather than waiting to benefit from GOP wreckage.

But when Republicans do wreck things, it’s good to go on offense. Meredith Shiner’s clarion call for Democratic action after Roe was gutted is a good reminder that time is of the essence in an emergency. One Democrat who spoke the loudest about countering the threats of far-right extremists—and one of the few who seemed to step out in support of the increasingly threatened LGBTQ community—was Michigan’s Mallory McMorrow, who did one of my favorite interviews with our editor, Michael Tomasky.

You can’t have the Good Life without a thriving economy, and while Democrats may not get any of their economic ideas to Joe Biden’s desk in 2023, they need to keep pushing for them, even if ultimately they’re getting voted down by the GOP House (which has its own benefits). One big policy to push: a revived and extended child tax credit, which, as Grace Segers has relentlessly documented, provided massive gains in the war against poverty. The Biden administration has, for the most part, helped to build a labor economy that favors workers and boosts the democratizing influence of unions. The president backed the wrong horse in the recent rail strike fiasco, but Steven Greenhouse provided a blueprint for his administration to get back on the right track.

As TNR editor Michael Tomasky noted, Democrats actually have a pretty good economic tale to tell—but they “need to tell a sharper economic story that identifies enemies of working people’s economic interests by name.” The coming year should be a boom time for shaming the worst of the worst, from the private equity firms sucking the American dream dry to the corporate interests that are keeping ordinary people down, as Sarah Miller wrote so eloquently.

Naturally, the biggest enemy of the Good Life continues to be the GOP and a conservative movement that, as Graham Gallagher illuminated at length, is only getting stranger, more off-putting, and more un-American by the day. We’ve worked hard to chronicle this transformation: from Laura Jedeed and Ana Marie Cox’s on-the-ground coverage of a truly cracked CPAC to Melissa Gira Grant’s constant chronicling of the way the QAnon movement keeps burrowing itself deeper into the halls of power.

Perhaps the most important story that defenders of the Good Life will need to tell over the next year is that Trump’s electoral defeat in 2020 and his weakened profile at the end of this year’s midterm cycle don’t point to the return of a normal, credible, democracy-minded Republican Party. Osita Nwanevu wrote:

The Republican Party understands the climate its rhetoric and strategies have created kills people and will continue to do so; it remains important to Republican politicians that the men being provoked to murder have the right tools at their disposal. It’s of some comfort that many Americans have come to see the right’s degeneracy for what it is and that Republicans continue to pay an electoral penalty for it. But given the mounting structural advantages the GOP enjoys within the federal system, this election barely qualifies as a setback.

We’re not out of the woods yet, but the world only spins forward. On to a new year: a new chance to cut, a new chance to cure.

This article first appeared in Power Mad, a weekly TNR newsletter authored by deputy editor Jason Linkins. Sign up here.

What kind of criminal activity must a corporation commit to face real consequences—for the justice system to compel the company into nonexistence or jail its executives? In recent weeks, there has been some cheerful news on that front: Sunny Balwani, the president of Theranos, will join his former flame and company founder Elizabeth Holmes in a lengthy prison sentence—a deserved punishment for their outlandish lies about their fraudulent blood-extraction machine.

But for every Theranos, there’s a Wells Fargo, who readers might remember as the ne plus ultra example of a bad bank, its executives seemingly bent on finding newer and more innovative ways to scam its customers. Wells Fargo has been given permission to constantly apologize for its wrongdoing and immediately return to it, with no one facing real consequences. The truth is, instances like Theranos, where clear-cut corporate criminals face clear-cut punishments, are considerably rare. All of which brings us to Hertz, which this week joined the ranks of those who’ve gotten away with egregious malfeasance.

Hertz, a car rental firm that’s joined at the balance sheet with several other well-known brands (Thrifty, Dollar), made some blink-and-you’ll-miss-it news: It was forced to “pay about $168 million to settle disputes with hundreds of customers,” reported The New York Times. “Disputes” puts it too politely. Over the course of many years, the company sicced the police on its own customers, who were wrongly accused of having stolen vehicles. This was all due to Hertz’s error: The company mistakenly misclassified cars as stolen or failed to account for customers making payments to extend their rentals.

As CBS News reported a year ago, dozens of customers were wrongly subjected to terrifying encounters with police. But some customers were subjected to even worse. According to the Times, one woman who was arrested, despite having paid her rental extension, was jailed for 37 days—during which time she was “separated from her fiancé and two children, missed her nursing school graduation and discovered she was pregnant.” Another renter, after learning there “was a warrant for his arrest on charges that he stole a Hertz car, had actually paid for and returned the vehicle.” But after he missed a hearing date, he was “arrested again, and jailed for six and a half months.”

Now a $168 million fine might seem like a lot, but it pales in comparison to the company’s $7.3 billion in revenue and $19.7 billion in assets at the end of 2021. Additionally, no company executives have been punished for what amounts to a wholly fraudulent exploitation of the criminal justice system.

Hertz was a troubled firm beyond the crimes it committed; the company filed for bankruptcy during the pandemic, and its employees are thus familiar with their jobs being at risk. But this episode still provides an illuminating example of why our labor politics needs a big rethink. Firms do things all the time that put jobs at risk. Sometimes they commit crimes. Sometimes an idiot just acquires a company and starts firing everyone who won’t join his inane ego trip. An economy in which employers have to compete for labor allows workers to be more mobile and more capable of leaving bad jobs behind, which can help soften the blow whenever the justice system lowers the boom on bad corporate actors. Moreover, this episode is simply the latest and greatest example of why it pays to have a unionized workforce.

But an even better solution would be to promote and enact policies granting workers larger ownership stakes in companies like Hertz. This would give workforces that are already too vulnerable to the errant whims of overpaid executives more transparency into the decisions cascading from the company boardroom as well as a better opportunity to prevent bad, costly actions that put workers’ jobs at risk. Democrats have, in the recent past, proposed such ideas; as The New Republic’s Osita Nwanevu noted in May 2020, polling from YouGov indicated that there was broad support for them among voters, including for “policies incentivizing the voluntary transfer of ownership stakes to employees, and even making companies with more than 250 employees grant those employees half of their stock over time.”

Without the emergence of a course-altering remedy, we will be stuck with a status quo in which we have to hope that slap-on-the-wrist financial penalties will be enough to steer our corporate masters onto more just and prudent paths. The New York Times’ reporting offered some insight into how that will play out at Hertz: “On Monday, Hertz said it believed it would recover a ‘meaningful portion’ of the settlement amount from its insurance carriers and that the $168 million would be paid by the end of this year.” The system works, just not for you.

This article first appeared in Power Mad, a weekly TNR newsletter authored by deputy editor Jason Linkins. Sign up here.

During the Trump era, one of the best running jokes was the media’s near-desperate search for signs that the president was shedding his obstreperous tendencies and settling into a new, earnestly presidential tone. Every moment when Trump managed not to opt for the maximally rancid reaction was one in which, perhaps, the “new tone” was taking hold, thanks to some phantasmal moderating influence that was sure to carry the day.

Alas, this dream never materialized, but that’s not to say evolution didn’t occur: Trump swiftly adopted to life as a bog-standard Beltway Republican. And his party grew more comfortable with its standard-bearer’s political aesthetics—all the better to please its base.

But now that the GOP’s big midterm ambitions have fallen apart, political touts are once again trying to conjure a “new tone” narrative into existence; one in which the Republican Party has learned the error of its ways. Some conservative luminaries, after all, have demonstrated a reluctance to fully jump back into Trump’s arms. Former Pence aide Marc Short suggested on CNN over the weekend that something new is afoot: “Since the election in 2020, [Trump] has descended deeper into the heart of darkness. It’s another reason why I think Republicans are looking in a different direction in 2024.”

There’s little doubt that Pence, who is allegedly running for president, would indeed require Republicans to look in a different direction, considering most of them think of Pence as either someone who did too much to enable Trump’s worst tendencies or someone who did too little to keep him in power. But outside of the wishful thinking of Pence and others, there is scant evidence that conservatives truly are ready to change their ways. Has everyone forgotten that Republicans and their donors went to elaborate lengths over the past two years to enact voter suppression laws and boost the political ambitions of election deniers? Because the voters sure didn’t.

More to the point, let’s recall that the context for this past weekend’s expressions of agita over Trump was his decision to break bread with two flamboyant bigots: rapper Kanye West and far-right media gadfly Nick Fuentes. Here was a golden opportunity for this change in direction: Trump’s presidential rivals were gifted the chance to jump into an “at least I’m not a rabid antisemite” lane ahead of the shadow primary.

Sadly, that lane remains unoccupied by any would-be 2024 aspirants. At least one Republican whose 2022 electoral fate remains hanging in the balance, Herschel Walker, is still mum on the matter of whether it was a good idea for Trump to dine with these reprobates. And it took the rest of the Republican Party a number of days to finally register some mealy-mouthed condemnations of Trump’s antics. This is hardly a surprise: An October 6 tweet from the GOP’s House Judiciary account—reading “Kanye. Elon. Trump”—gave proof through the midterms that Republicans were excited to get in on the ground floor of Kanye West’s antisemitism. (That tweet was finally taken down on Thursday shortly after West expressed an affection for Adolf Hitler during a lengthy interview on Alex Jones’ Infowars.)

Fuentes and West may never become keynote speakers at CPAC, but they’re in a decaying orbit around a party that already countenances no end of grotesqueries, from Viktor Orbán’s stoking of authoritarianism to the now regular evocations of the racist “great replacement theory” on Fox News’ prime time. And the person thought to be the heir to Trumpism, Ron DeSantis, has, if anything, grabbed Trump’s baton and sprinted off in the same direction. As Jonathan Chait recently noted in New York magazine, DeSantis “would reify [the GOP’s] Trump-era transformation” by “preserving” Trump’s extreme coalition of “QAnon supporters and insurrectionists.” DeSantis’s constant anti-LGBTQ rhetoric is central to his appeal; he has already emerged as the “Pizzagate in every city” candidate.

We needn’t wait for DeSantis, though. As The Washington Post’s Karen Tumulty notes, the Republican rot is deep in Washington already: “Come January, there will be fewer Republicans left in Congress willing to speak out when Trump does what he keeps doing.… And those who have followed Trump’s example in associating themselves with extremists and their ideas will have more clout within the institution.” And if you’re looking to see exactly how concerned the Republican Party is about its poor midterm showing, the good news is that the RNC is empaneling a team to examine what went wrong. The bad news is that Blake Masters, a 2020 election denier who spent a large part of his Senate campaign cosplaying as a serial killer, is one of those tasked with divining what went wrong. Yep, folks, they’re all just trying to find the guy that did this.

There is a nonzero chance that Trump’s bid to reclaim the throne will come to naught. But let’s be real: Republicans aren’t clamoring for a moderate to take this party in a new direction. “Never Trumpers” are still verboten in the GOP, and no one within that clan seems to actually have any plan to recapture the party’s institutions, aside from heaving op-eds at it. The Republicans coming to Washington plan to stage mock trials of Hunter Biden and use the debt ceiling as a weapon to try to enact radical cuts to Social Security.

As TNR contributor Graham Gallagher recently explained, the educated elites in this party have become decadent and off-putting weirdos, in thrall to bizarre and un-American ideas that seem custom-designed to turn the stomachs of normal people. Meanwhile, the conservative movement’s media propaganda organ is regularly bleating out the same kind of rhetoric as embarrassment du jour Nick Fuentes. So are Republicans really looking for something new? The only direction this party is headed is toward the gutter; the only question is who in the media, expecting a “new tone” or a “change in direction,” will get dragged there with them.