Is The U.S Going To Default ?!?!?!
By Danna B.
@db20747 (43419)
Washington, District Of Columbia
October 12, 2021 11:43am CST
This evening the house of reps will vote on raising the debt ceiling! If they don't raise it, The United States will default on its debts. And won't be able to pay on bills they've already made and programs they agreed to pay for. Voting for spending money that's not there yet is not a good strategy. Shouldn't this be the other way around. Spend what you have. And balance the budget and then perhaps get a small loan. Reversing this spend first pay later process is not going to be a pretty sight. But it will sure keep from going to to the brink of default so often. What do you think? How can we get out of this whirlwind of facing defaults?!
4 people like this
4 responses
@GreatMartin (23670)
• Ft. Lauderdale, Florida
12 Oct 21
Just keep on printing more money--our great grand kids will be paying for our debts!!! Sadly people don't realize that this is money WE ALREADY OWE--that Trump and others spent, not Biden!
2 people like this
@louievill (28846)
• Philippines
12 Oct 21
How you could get out? I don't think there's a way out , the root of the problem goes further back to 1971 when President Richard Nixon reneged on the Bretton Woods agreement removing the dollar from the gold standard and introducing the MMT or modern monetary theory that says it's alright to print as much currency ( fiat) as needed.
The bad effect was already seen during the down turn of 2009 where the Federal reserve had to bail out the banks, they continued to print more useless paper money in the guise of QE or quantitative easing which in short printing trillions of dollars, the federal reserve bailed out the banks but no one's gonna bail them out when they go bust. It's almost inevitable and the pandemic only helped speed up the process, they print more so they won't go bust it might spell the end of the dollar being the reserve currency of the world if other countries lose trust
The bad effect was already seen during the down turn of 2009 where the Federal reserve had to bail out the banks, they continued to print more useless paper money in the guise of QE or quantitative easing which in short printing trillions of dollars, the federal reserve bailed out the banks but no one's gonna bail them out when they go bust. It's almost inevitable and the pandemic only helped speed up the process, they print more so they won't go bust it might spell the end of the dollar being the reserve currency of the world if other countries lose trust1 person likes this
@louievill (28846)
• Philippines
12 Oct 21
@db20747 yes, actually what they are printing are trillions of dollars worth of debt when they took it out of the gold standard there's nothing to back it up so fiat paper currency is nothing more than an IOU that citizens up to their grandchildren or great grandchildren need to pay in taxes. Printing money would trigger inflation making it difficult to buy basic necessities and almost impossible for the average citizen to buy a home.
when they took it out of the gold standard there's nothing to back it up so fiat paper currency is nothing more than an IOU that citizens up to their grandchildren or great grandchildren need to pay in taxes. Printing money would trigger inflation making it difficult to buy basic necessities and almost impossible for the average citizen to buy a home.1 person likes this
@db20747 (43419)
• Washington, District Of Columbia
13 Oct 21
@louievill good assessment! I just read up on the gold standard and fiat money,. Overcoming this debt could be done with a few strategies, like furloughs , and monitoring how much is paid for services Etc etc.
1 person likes this
@ShyBear88 (59342)
• Sterling, Virginia
12 Oct 21
By red agreeing with blue, blue has set out several things to change that but red being red of course is stubborn and don’t want to listen or even look at blues plan whitch will help with the debt
1 person likes this
@ShyBear88 (59342)
• Sterling, Virginia
13 Oct 21
@db20747 it would be nice if they work together it make things easier but of course I’m pretty sure we all know neither side likes to play nice with the other. It’s like siblings they can’t get alone to get alone for everyone else.
1 person likes this
@db20747 (43419)
• Washington, District Of Columbia
13 Oct 21
@ShyBear88 yes, come to some compromise if that's possible
1 person likes this
@RebeccasFarm (91299)
• United States
12 Oct 21
I am not sure what the answer is at all Danna.
But the ones who try to manage our debts do not seem to be doing a good job.
1 person likes this
