So that would be bad?
The conclusion of the default process? It won’t be all bad. With rent-seeking regulators absent and no longer paid monstrous salaries, real rebuilding and production will finally resume after these decades of stagnation.
Many more people will suffer, though. It will probably be inevitable with so much debt and steeply rising commodities prices again in the near future, but I don’t enjoy seeing it. Quite a few bad policy decisions have been made by influential constituents behind all levels of government over the past 40 years or so.
Private property rights are being outlawed at every level (not only the federal). We’re not producing enough. That’s going to cost us all.
What do you think? I’ve been in a rural area. Things might look different where you are.