Posted on 03/25/2023 7:01:16 AM PDT by Oldeconomybuyer
A new congressional report delves into the catastrophe that would result should Congress fail to raise the debt ceiling.
On Thursday, the Joint Economic Committee (JEC) — a congressional group that reviews economic policy — released a report analyzing the consequences of failing to raise the debt ceiling. Since Republicans took over a majority in the House, they have expressed their intent to use raising the debt ceiling, and keeping the US on top of paying its bills, as leverage to achieve their own priorities, largely in the form of major spending cuts.
With the US expected to run out of extraordinary measures to pay its bills as soon as July, Democratic lawmakers — and President Joe Biden — have been slamming GOP lawmakers for failing to put forth a plan to raise the debt limit and keep the country from default, which would be unprecedented with severe consequences.
According to the report, a default would cause a $20,000 loss to Americans' retirement savings, based on think tank Third Way's report on the 2011 debt limit. Along with that, small business loans could increase $44 a month, a new homeowner could see their monthly mortgage payment increase $150 a month, and private student-loan borrowers could experience a $23 increase to their monthly payments due to interest rates that would surge.
This is just the latest report highlighting the consequences of a default. Earlier this month, a report from Moody's Analytics found that even if the country does avoid a default, Republicans' proposed spending cuts could trigger "a recession in 2024, costing the economy 2.6 million jobs at the worst of the downturn and pushing unemployment to a peak of near 6%."
That's why Biden and Democratic lawmakers have been insisting that raising the debt ceiling be bipartisan, without any negotiations.
(Excerpt) Read more at msn.com ...
Same old political theater. I hope Republicans get something out the debt ceiling negotiations, but everyone knows the debt ceiling will get raised, just a matter of time.
And if they don’t raise it coastal cities will floods. Wait wrong catastrophe.
agree...shutting everything down would create havoc...and what’s the diff...GOVERNMENT workers would get paid whether they’re sitting home doing nothing...or at work....doing nothing.
BI=BS
Sedition Insider says what ?
Pfft.
Stop spending - how freaking hard is that?
Printing $20,000 of unbacked fiat money per person isn’t going to resolve the issue.
Prove it.
Bid-enflation is already diminishing retirement accounts and SS checks.
Things are going to crater soon, just as the WEF has planned.
How did school debt transform from a personal responsibility taken on by adults with the hopes of becoming high earners to a problem for society?
Is personal responsibility that dead as a concept? I hear the buzzword “accountability” all over the place but then here we are.
Stop sending Billions to Ukraine would be a start.
What a bunch of BS.
So if the Government does not go further into debt people will lose money.
Consider this on a personal level. Say a person has a credit card with a $10,000 limit and their current balance is $9999.
So the credit card issuer raises the credit limit to $15,000.
Now is that person richer or poorer?????
> Stop sending Billions to Ukraine would be a start.
Now you’re just talking silly.
So strange the worry started the minute republicans got the house. Democrats easily could have raised it in December. Republicans trapped again.
That’s what “they” CLAIM will happen to may retirement if the Republicans don’t support raising the debt so FJB and the Democrats can keep on spending money on anything and every thing.
But I’ll tell you what DID happen after FJB and his minions took control, on the verge of retiring at 67 years old, I lost over 35% of the value of my retirement savings and the cost of virtually has gone through the roof.
Screw them and their debt ceiling increase. And while I’m at it, screw FJB, his administration, handlers, Democrats and anybody else that goes along with crap.
“everyone knows the debt ceiling will get raised...”
“Third Way” = Bull Merd. Cut Spending!
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