The Coming Debt Crisis

The U.S. is hurtling toward a debt crisis. Congress seems entirely unfocused on doing anything about it.

As lawmakers trade fire over contempt votes and impeachment, there’s been no progress toward reaching a budget agreement or extending the federal government’s ability to borrow before September, when the money runs out. That’s raising the ugly prospect of more than $100 billion in mandatory cuts as well as an unprecedented default on US debt — a situation that could trigger a worldwide economic catastrophe.
It’s a mess everyone knows is coming, and yet no one seems to have a plan — at least at the moment — for averting disaster.”

https://www.cnn.com/2019/05/11/politics/congress-debt-ceiling/index.html

Defaulting on the U.S. debt would have been unthinkable in any other presidency. But Trump has made a career of defaulting on debt. He’d buy a building or a casino or an airline, load it up with debt, run the thing into the ground financially — because he’s a terrible business man — refuse to pay his creditors, and they’d cut him slack because at the end of the day they didn’t really want to re-possess the asset. Trump thinks that’s how the world works, not just commercial New York real estate.

I think Trump would default on the U.S. debt in a heartbeat, and be proud of himself for doing it.

Who would get hurt? Anyone who holds debt obligations of the U. S. Treasury in our retirement assets, either individually or in a pension plan. Beyond that, defaulting on the debt would be a crisis for the global economy.

When are Trump voters going to wake up to the fact that they’ve elected not only a grifter and a con man, but a moron?

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