Debt default would cripple U.S. economy, new analysis warns

nytimes.com

10 points·jgwil2··4 comments

>The report also warns of stark economic damage if Mr. Biden, in an attempt to avert a default, agrees to those demands.

This is now the GOP works, the play the spending card when not in power, but when in power cut taxes for the rich and increase the deficit to extremely high levels. Which the Dems fix.

Examples, look at Bush II and Trump.

https://fiscaldata.treasury.gov/americas-finance-guide/natio...

Notice the year 2000 ? That was Clinton's last year as president and articles were being published about the US being able to have no deficit in 5 years. And some international markets were starting to panic because there would be no safe place (US Bonds) for the rich to park their money. Bush took care of that.

Now the GOP is trying to completely destroy the World Economy.

>Independent groups like the Bipartisan Policy Center in Washington and the Congressional Budget Office have estimated that sometime this summer or early this fall, the government will no longer be able to pay everyone — including bondholders, Social Security recipients

Maybe to wake these people up, the US Gov should stop or maybe cut Social Security payments now to get this to the attention of the dumb US public.

In other news, water is wet.

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