“It now takes $2.52 in new federal debt to buy $1 worth of economic growth.”
We are throwing money into a back hole.
It depends on what you mean by “shock”.
The ZIRP has destroyed the ability of retirees, pension funds and insurance companies from earning any meaningful interest income. Retirees have suffered massive shock for some time now.
Yes, default, embarrassment are both inevitable.
But we’ve earned that. Troops stationed at 1,000 bases world wide. We borrow from China to keep going in Afghanistan. We borrow from Korea to protect her; the same of Italy. It makes no sense and when your nation begins to make no sense it’s time to withdraw and protect it from what is transpiring on our southern border. In short, we can’t even protect our own country but dash around the world helping everyone else out.........who hates us!
Down with foreign aid and down with maintaining diplomatic relations with nations who despise us! Close the embassies. We need a phony like Obama like we need a phony like Hiterly Klinton! (Or is it that we deserve them as much as we deserve an arrogant Barbara Boxer?
October “Surprise”.