What will happen if we don't raise the debt ceiling?
If the "Armageddon lobby" isn't addressed, then the Fed will be forced to stop paying around one-third of its bills, as that's the share of spending currently financed by borrowing. Components such as MediCare, Social Security payments and Food Stamps will all face payment stoppages if federal borrowing is cut off. This in turn, will lead to a consumer spending crash and businesses depending on government purchases slashing payrolls and investments.
In effect not raising the ceiling, means ripping up the Constitution and giving control over the US government to a party that controls only one house in Congress. It's a tantrum of "bringing down the economy, unless we get what we want".
Defaulting on the debt means that any American owning stocks or bonds will take a huge hit. Banks,corporations and even Wall Street will backslide, the kind if backslide that causes a national panic. People's 401K and pensions will incur big losses, meaning you'll have to work longer to rebuild those funds or worse still, not be able to retire at all.
In effect not raising the ceiling, means ripping up the Constitution and giving control over the US government to a party that controls only one house in Congress. It's a tantrum of "bringing down the economy, unless we get what we want".
Defaulting on the debt means that any American owning stocks or bonds will take a huge hit. Banks,corporations and even Wall Street will backslide, the kind if backslide that causes a national panic. People's 401K and pensions will incur big losses, meaning you'll have to work longer to rebuild those funds or worse still, not be able to retire at all.
The politicians won't be able to pocket as much money into their ponzi schemes while in office. They will all have to drive a yaris or hyundai. Hahahahaha,stupid government criminals.whatcha gonna do when they come for you bad boys bad boys sing it the new national anthem. Ahahahahahahahaha.all the rats will jump ship to china.
Hopefully, the dollar will be devalued and all the rich won't be that rich anymore. Maybe it will push the poor into a corner where the have to strike back to survive. The rich a begging for a class war, maybe they'll get it.
