Hmmm, why is Bernie Saunders gathering up democrats and threatening filibuster and reelection support if POTUS fucks with SS?
On Jul 12, 11:33 pm, studio <[email protected]> wrote: > Well, SS doesn't need to finance your time on the Internet anyway. > --- > Consequences of defaulting on the federal debt > > Congress has the duty to honor the debts of the United States by > raising the federal debt ceiling under the "full faith and credit > clause," Article IV, Section 1, of the U.S. Constitution, and Section > 4 of the 14th Amendment to the U.S. Constitution. Not raising the > federal debt ceiling will cause a default on the U.S. debt in > violation of the U.S. Constitution. > > Has the U.S. ever defaulted on its debt? Well, in a technical sense > yes, briefly and unintentionally when Congress waited to the last > minute to act to raise the federal debt ceiling in 1979. Our present > situation differs where Tea-Publicans are threatening not to raise the > federal debt ceiling intentionally to put the nation's debt into > default. That will shake the confidence of the international markets > in the ability of the U.S. government to govern itself and to honor > its debts. > > All lending agreements, whether between central banks of countries, or > your mortgage or credit card agreement, have a "default" provision > that automatically escalates the rate of interest to a default rate in > the event of default. For many, this will affect your credit > worthiness and make credit unavailable. The banks will "adjust" the > interest on all credit agreements. Default will cost Americans > hundreds of billions of dollars in additional interest and tax dollars > to finance the interest on the federal debt over time. > > So when you hear the darlings of the Tea Party like Sen. Jim DeMint (R- > SC) and Rep. Michele Bachmann (R-MN) say they are going to vote > against raising the federal debt ceiling because they "don't believe" > anything bad is going to occur, just keep in mind that they are > ignorant of history, ignorant of economic principles, ignorant of how > the international monetary system works, and ignorant of how > international markets work in the real world. > > Why would any sane person listen to what an ignorant fool has to say > when all the experts in the field who do this for a living say it will > result in a debt crisis and another recession? > > http://www.blogforarizona.com/blog/2011/07/consequences-of-defaulting... > --- > Not even mentioning all the checks government writes out to people > like Travis, military personnel, pensioners, etc. etc. etcetera. -- Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more.
