I'm concerned about the lack of outrage coming from we the people while Congress plays around with the debt ceiling. To be clear, this is not a Republican versus Democrat crisis. This is a handful of idiot, conservative, Republican congressmen and women, that want to see our country default. These same clowns had no problem raising the ceiling during 45's reign as fake King as he, and his henchmen, added trillions to our debt. Suddenly they have religion on spending.
If you think it will be no big deal if we default then you clearly have no clue about world economics and financial impacts on the economy. Here are six things to consider as we go to the brink of disaster.
Government Services Slashed - The law requires that Social Security and Medicare continue to be funded but there are no provisions for the government to borrow money to do this. This means, potentially, no monthly SS checks or Medicare payments to service providers. Not a good thing.
Higher Interest Rates - Not just for we the consumers, but also for the government. Mortgage rates will increase, there will be added borrowing costs, and inflation will surely rise.
Panic On Wall Street - This group gets nervous when a sparrow farts in Iowa, imagine their concern if we default on loans. Think the 2008 market crash on steroids.
Run On Money Markets - As we the people start to worry about a depression coming due to the government having no money there will be a run on taking cash out of the money markets. This could lead to funds halting redemptions of them which in turn will lead to more panic.
Political Instability - If you think we have a dysfunctional political system now, imagine if we default on our loans. Already there are politicians who are more concerned about winning their primaries and appeasing those back home than they are about doing what is best for our country. And it will only go downhill from there.
Long Term Effects - The key ones are a credit rating drop for the US which will lead to higher interest rates when we borrow. The dollar and it's standing as a world currency will be shattered. And the USA as an economic leader will be weakened allowing other countries, hello China, to begin to take over as the leading economy.
If you think any of these is OK then you need to rethink your position. None of these is a good thing for you, me, the country. We cannot let, literally less than a dozen, idiots destroy our economy because they want to make a point. If they want to have a serious conversation about the budget, the President is ready to have that but defaulting is not the way to gain any advantage. Raise the ceiling and then work on the budget.
If you live in a district where your representative is one of the dopes holding this up then call, write, or stop by their office to let them know they will be out of a job if they don't come around. If you are a supporter of the Republican Party in general, then you better do the same because this party is already on thin ice with the voters and defaulting will be the end of the party forever.