The debt ceiling "crisis" is a farce, created by DC Republicrats, and has almost no meaning at all but one. "They" knew this would happen, probably expected it to happen during the election year though, they planned it for a fight about taxes v. spending. Like, there is a fight there, we need to work on both. The only actual thing that might come from this is, these scum, used to grandiose lives, ego-driven, are risking the faith and credit of the US Government for their own gratifying aims.
The US currently benefits dramatically from the AAA rating given "our" debt. (The ignorance of the rating agencies are a different topic.) If we go into technical default, then they have threatened to lower our rating to AA+. This will raise interest rates for, not merely all US Government debt, but every debtor in the US. This means a great transfer of wealth from someone to someone, rest assured, you/we arent on the receiving end, except will get the proverbial stick.
I could solve this crisis with two strokes of a pen. The US Federal Reserve owns about 1.5 trillion dollars worth of US debt. Why? The US government's own central bank, during the recent stimulus, monetized some debt. Their ownership is irrelevant, we own the government, we own the central bank, if the Fed would just rip up those bonds, then "our" debt would go down by 1.5 trillion dollars. Why won't they do that, I wonder?
The Social Security fund, which is backed by the US government, owns over 1 Trillion dollars of US Debt. We are on the hook for their obligations regardless. Maybe SS stays the same, maybe it gets reformed, whatever, but the Social Security admin. could do the same thing, just rip up the bonds, voila, another 1 trillion in debt expunged.
Why don't the egomaniacs in DC not do either or both of these actions? You tell me.
...wherever you go, there you are...
- sad clowns