It will NOT fix the economy, any more than the Bush/Hussein Bailout fixed it in 2009. It will make less of the annual budget available for use for the military and all the entitlements etc because the amount that has to go to interest will necessarily become greater. And think, with everybody else’s economy in the dump, who’s got money to lend us? The alternative is Inflation which will cause the interest rates on The Debt to rise and make it difficult, possibly ipossible to repay. Default would end the American Project.
I agree. I have my parents portfolio very defensive at the moment since they are just a year or two away from retirement. 50% cash, 20% P&G stock (they inherited a bunch), 30% variety of stock investments. I plan on re-deploying most of that cash later when the stock market craters.