What will happen if we don't raise the debt ceiling?

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Arthur Wright Profile
Arthur Wright answered
Economy collapse and probably DC shuts down which wouldnt be too bad
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John
John commented
They would actually cost us more to not approve it.as they have shown us in the past.isn't it odd/funny how if the government shuts down it costs more money,becasue they wrote into law that these yocals get paid even if they don't work and the voters/taxpayers let them do it. What a something something we weave when we practice to deceive. : ).stupid government criminals in office get away with murder/robbery while in office.
Janey Profile
Janey answered
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.
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Joseph Michael Wasik
Did your socialist professor say much about the Weimar Republic. If he did, it wasn't much. That was Keynesian thinking.
Janey
Janey commented
There's a lot to be said for Keynesian economics Mr W ! It's taught in every single high school /college/ university in the UK ! Every one of our PMs have studied it in some shape or form.
Joseph Michael Wasik
That's where our economy is by using the Keynes theories. When did all this borrowing start? Did Keynes come on the scene about that time? Isn't that about the time of the Wilson administration? See what I mean?
John Profile
John answered
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.
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John
John commented
Most of it writes itself from the news and tv. It's amazing the political leaders do not see this and think before they take a step out of line to end their careers.especially as we have seen when everything they say and do is caught on tape/recorded. : )
John
John commented
Oh! And sometimes i hit on all cylinders when i get enough sleep and a good meal. Hahahahaa : )
John
John commented
And when i am not suffering from oxygen deprivation from the ozone burning off directly over my house. : ).97 in the shade today before it even hits high noon. No wonder my brain is fried. : )
Duane Bryant Profile
Duane Bryant answered
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.
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Joseph Michael Wasik
I feel sorry for you. I doubt you will suvive
Joseph Michael Wasik
Suspect you will starve to death.. He he
Duane Bryant
Duane Bryant commented
Like I said Joseph, I have my ranch in the Sierras debt free, I've got three sources of income and about to start a fourth. Solar power is great! Got my own septic system and two wells. How well are you prepared?

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