Posted: 7/13/2011 8:52:51 PM EDT
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If we default on aug 2...What will really happen?How will this change the way we live our lives?What will we have to look forward to if we raise the debt ceiling or default? discuss.... |
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If we default on aug 2...What will really happen?How will this change the way we live our lives?What will we have to look forward to if we raise the debt ceiling or default? discuss.... It only means our monthly debt payments *might* be a little late, like when you pay a credit card bill a couple of days late. The bills will still get paid. We might have to pay a little extra on future loans. Obama is taking "fear mongering" to the limit. If Social Security checks and Disabilty checks don't go out like Obama claimed....well, that takes an order from the White House to the Treasury Dept. to make that happen. That won't end well for him. |
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I guess what i would like to know is what do you think would happen if the bill could not be paid?So how do y'all think this will play out?Eventual total economic crash? How would our lives change?What would our money really be worth?How would this effect the US as we know it? |
| really nothing will happen other than what paranoid hype will cause. If people hear something long enough they have a tendancy to beilive it due to the fact that they generally will not look up information for themsleves (this isnt a snipe at the the OP, but for people in general). All it means is that the Credit Card is cut up and you no longer have credit to draw from. If SS checks dont go out it will because Obama ordered the Tresury not to pay them, what really needs to happen is to get a list of what the President feels has priorty to be payed before the debt service on our tresury bonds. There is enough money to pay the debt service, SS military pay and the basic functions of a constitutional government and even still cover medicare and medicaid, this is all a ruse to garner support against tea party republicans in the house and to make Obama look like the Adult in the room, but this has the potential to seriously back fire on him |
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TY for the replys I am not asking these questions based on fear or lack of research but the fact that I dont trust most of what i see on the news or the web ether.Just looking to pick the brains of you guys that are more informed/understand the process more than I do.In the past i never really paid much attention to all the political bs.That all changed A few years ago and I am slowly Starting to understand just how F@!#up the system really is.  |
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We're not going to default - they'll have to pay the bills with incoming tax dollars & they won't be able to borrow any more. When obligations exceed revenue, which things are the government going to stop paying for in order to service the debt? Turbo Tax Timmy will move some fake money around on paper & change the deadline (just like last time). |
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Quoted: By the way, Obama has $300B in unspent stimulus money that he is saving to buy votes at election time - that will cover almost 3 months of deficit spending & it will move the date into November. For some reason i just cant see him paying that money on the deficit. |
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We're not going to default - they'll have to pay the bills with incoming tax dollars & they won't be able to borrow any more. When obligations exceed revenue, which things are the government going to stop paying for in order to service the debt? not paying for non constitutional programs, or at least dial back funding so that "required" depts and obligations are paid in a timely fashion. |
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By the way, Obama has $300B in unspent stimulus money that he is saving to buy votes at election time - that will cover almost 3 months of deficit spending & it will move the date into November. For some reason i just cant see him paying that money on the deficit. You sure its not in the campaign pool now |