>>>We are Greece if this happens. Or the Weimar Republic.<<<
If it was not raised, there would be huge shocks as the govt would have to immediately cut $250B in spending. As most spending is on autopilot, those cuts would be forced onto a relatively small portion of the govt. It would cause huge problems. Maybe you don’t care about it, but most others do. And that’s just for today. If interest rates climb up, the debt service cost will soar, making things much worse budget wise.
Now if we can’t even stop spending more than we take in, we are already conceding the debt will never be paid. Are we not already Greece? We are only postponing the day the SHTF, but we are already hopeless no?
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If it was not raised, there would be huge shocks as the govt would have to immediately cut $250B in spending. As most spending is on autopilot, those cuts would be forced onto a relatively small portion of the govt. It would cause huge problems. Maybe you don’t care about it, but most others do. And that’s just for today. If interest rates climb up, the debt service cost will soar, making things much worse budget wise.
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Oh, NO’s! Fedzilla would have to enter the REAL WORLD of economics?? Quelle horreur!!
Please list a few of these ‘most others do’, please. I’d suspect the only ones that would care are those that have hitched their wagon to the taxpayer gravy-train (welfare, cronies, etc.). Fedzilla sure doesn’t do much of a damn in MY life
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Now if we can’t even stop spending more than we take in, we are already conceding the debt will never be paid. Are we not already Greece? We are only postponing the day the SHTF, but we are already hopeless no?
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$120T+ in unfunded liab. Anyone thinking it CAN be paid off is more than naive.
You’re right on the last point, it IS hopeless. The Public has found they can raid the Treasury and the pols are more than happy to do so for the prestige and power; children BORN into economic slavery, the Constitution all but beaten, abused and ignored. The great old, dying, Republic didn’t even last the 200yr average.