The Republicans Are Threatening Social Security and Medicare With A U.S. Debt Default

The reasoning I've heard, the sooner we default, the less the hurt will be when we default. Call it a measure of realist cynicism: we don't believe the Government intends to get its spending under control, and will just happily take us over a cliff in its own sweet time. Why wait?

But let me reiterate: failing to raise the debt ceiling will not lead to a default. It takes a bit more than that I'm afraid.

It won't, because our credit rating isn't falling to a CC or BB, which is the range when investors tend to stop buying. It's to AA+ or AA-, and for a nation that's still the reserve currency in the world.

Also: you may be misunderstanding our relationship with foreigners who buy our debt. Not only are they a smaller part than most think, but they buy our debt because it helps them finance what they're doing. To stop buying our bonds would crash their own economies.

Nations all over the world also rushed " to our aide" in the 2008 financial collapse, lending credit, as they didn't want America to stop buying goods worldwide.

 

The Affordable Care Act and an extension of the Bush Tax Cuts for people earning under $250,000 a year. He also wants to raise the minimum wage and raise taxes on companies that ship jobs overseas. Something that the Tea Party people are clearly against.

 

Your thread and all of the posts in it excpt this one have been, essentially, academic hypothetical exercises in debate.

There will be no need for a default with the revenue they'll be receiving from tax payments.

Although, Obama might even refuse to use the tax money to pay the bills so he can blame that failure on the GOP.

He is getting desperate, I think.

Continued at source.

http://www.forbes.com/sites/richard...cy-agreement-or-not-there-will-be-no-default/

 

90 million unemployed?

Does that number sound too high?

Maybe it's a typo.

I'll check...

Yup.

Thanks Dems.

Thanks Mastuh Obama!