Debt Default....what happens

[YoursTruly]

So, does anyone know for sure what will happen if we default on our debt as a nation?

Will the Govt shut down?

Will the Military get paid?

Will SS checks go out?

Will military retirees get paid?

That's a good question. We've never seen it because they always raise the debt ceiling. It could all be a farce. Just one big lie. But the consequences of it might be a domino effect where a LOT of other countries just simply stop trading in USD.
The power of the USD comes from it's perception of it's power, since it's not actually backed by anything other than the reputation of the USD itself.

Defaulting on our debt wouldn't have to mean the military, vets or SS recipients wouldn't get paid. I'm thinking it would simply mean the fed wouldn't get it's interest. And those who have bought our debt (China, Japan and others) wouldn't be allowed to cash in and get paid what we owe them.

 

[Harpy Eagle]

Why did they not fight with their own party? I wonder?

If they really cared about cutting spending they should not have needed to fight.

It is almost as if they do not really care about spending

 

[Toddsterpatriot]

If they really cared about cutting spending they should not have needed to fight.

It is almost as if they do not really care about spending

Why didn't the Dems fight to cut spending when they took the House?

 

[YoursTruly]

So, why did they not do it in 2017 when they had the House and the Senate?

There were some that did. The freedom caucus folks like Justin Amash, Thomas Massie and Chip Roy. But they're greatly out numbered. Fiscal conservatism is not wanted in the GOP any longer. And hasn't been for a few decades.

 

[YoursTruly]

Well informed you are not...

That's exactly why I left the LP a few years ago. The leadership didn't give a hoot about working class stiffs, the debt and spending. It was all about tranny rights and legalizing drugs.
Things that the average american working class doesn't give two shits about.

 

[Harpy Eagle]

Why didn't the Dems fight to cut spending when they took the House?

The Dems do not want to cut spending, they do not even pretend like they do.

Now that we have that out of the way, why did you beloved party not cut spending when they had the House, White House and Senate?

 

[Toddsterpatriot]

The Dems do not want to cut spending, they do not even pretend like they do.

Now that we have that out of the way, why did you beloved party not cut spending when they had the House, White House and Senate?

The Dems do not want to cut spending, they do not even pretend like they do.

I guess we'll see how that works out in the current situation.

 

[Harpy Eagle]

The Dems do not want to cut spending, they do not even pretend like they do.

I guess we'll see how that works out in the current situation.

Yep. Who will blink first.

 

[Toddsterpatriot]

Yep. Who will blink first.

Yup

 

[Harpy Eagle]

Yup

My money is on the GOP having a few safe seats "defect" and side with the Dems and pass a clean bill raising the debt ceiling.

Then come election time they will tell you all how they tried but just couldn't get it done, and you will vote for them yet again.

 

[Admiral Rockwell Tory]

The only party that understands BASIC MATH = the Libertarian Party

The only party that cares about the solvency of the US Federal Govt = the Libertarian Party

No, the libertarians are all drug addicts, and could care less, as long as they get their fix!

 

[Missouri_Mike]

So, does anyone know for sure what will happen if we default on our debt as a nation?

Will the Govt shut down?

Will the Military get paid?

Will SS checks go out?

Will military retirees get paid?

That’s a great question.

The government would continue to function although not at its current level which is a good thing. Military would still get what they need. A lot of this other crap would go. A government forced to live within its means would be great in the long run.

Who gets hurt? That’s where it would get interesting. Who actually holds this debt? China? Bond holders? The FED? They’re the first to get screwed. And really as far as the country goes do we care if they get paid? Probably not.

The biggest benefit could be it would throw a chain around the necks of these politicians promising all of this free shit. You can’t promise anyone free anything when you don’t have the money.

 

[Admiral Rockwell Tory]

This is typical of a SUB.

Weed = bad = my Jew fraud of a preacher says so = I support BIG GOVERNMENT to "save us" from weed

Numbers, debt, interest rates = sorry, the BiBULL didn't cover that stuff


When will Jesus float down from the clouds??


You are Exhibit A of what is wrong with the post 1998 GOP

The pre 1998 GOP actually understood math, because you were not part of it...

Libertarians support legalizing all drugs, not just weed.

 

[Admiral Rockwell Tory]

My money is on the GOP having a few safe seats "defect" and side with the Dems and pass a clean bill raising the debt ceiling.

Then come election time they will tell you all how they tried but just couldn't get it done, and you will vote for them yet again.

Hey stupid, the House already passed a bill raising the debt ceiling.

 

[Missouri_Mike]

Seems he said they needed to pass a clean one

He doesn’t control the budget. What he says is clearly meaningless if he doesn’t get the votes for what he wants.

 

[Admiral Rockwell Tory]

You parroted a bullshit lie that marijuana users are not PRODUCTIVE...

Michael Phelps blows up that bullshit completely.

When you are as good in your profession as Michael Phelps was in his, then you might have some credibility...

Phelps did his drug abuse AFTER his Olympic victories, dumbass!

 

[busybee01]

Biden will make sure to inflict as much pain as possible on middle class Americans. Zelen$ky will get paid first (10% of the Big Guy)

You are the filthy pieces of trash that are trying to hurt America. The Big Guy got 10% of nothing. This is a right wing fantasy.

 

[Admiral Rockwell Tory]

Seems he said they needed to pass a clean one

You listen to Biden?

 

[Admiral Rockwell Tory]

Yep. My 28 year old does and I bet she makes more a year than West does in 3.

Irrelevant.

 

[busybee01]

Correct.

Just like Trump did not want to commit to spending cuts the 3 times he raised it.

No Republican demanded spending cuts either. What Republicans are demanding are policy changes which violate the separation of powers. If you don't like a policy that Biden has created then pass a law through Congress and override a potential veto.