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Started By
Message
Why Americans Would Benefit from a Government Default
Posted on 10/7/21 at 9:03 am
Posted on 10/7/21 at 9:03 am
LINK
….” While a failure to raise the debt ceiling would no doubt cause short-term disruptions, the fact is the medium- and long-term effects would prove beneficial by reining in the regime's chokehold on the American economy and financial system. “
….” While a failure to raise the debt ceiling would no doubt cause short-term disruptions, the fact is the medium- and long-term effects would prove beneficial by reining in the regime's chokehold on the American economy and financial system. “
7
Posted on 10/7/21 at 9:08 am to JustInfo
This is a well done article that is thoughtful, backed up with facts and makes a lot of sense.
Therefore, it has no place in our society.
Therefore, it has no place in our society.
Posted on 10/7/21 at 9:13 am to JustInfo
It doesn't matter, because there isn't going to be a default. Neither party wants one.
Posted on 10/7/21 at 9:19 am to JustInfo
reining in this regimes CHOKEHOLD TOTALITARIANISM is worth it
Posted on 10/7/21 at 9:20 am to JustInfo
If you're linking Mises articles, we can be best friends. 
Posted on 10/7/21 at 9:23 am to JustInfo
Why would there be a default? The Fed gov takes in over $300 billion per month and the debt service is about $45 billion.
Posted on 10/7/21 at 9:24 am to Music_City_Tiger
quote:
Why would there be a default? The Fed gov takes in over $300 billion per month and the debt service is about $45 billion.
LOL
Posted on 10/7/21 at 9:27 am to JustInfo
Was this article written in response to the three times the debt ceiling was raised under the previous Administration? Or just now?
Posted on 10/7/21 at 9:31 am to Music_City_Tiger
Lol as of now
Posted on 10/7/21 at 10:04 am to Music_City_Tiger
quote:
Why would there be a default? The Fed gov takes in over $300 billion per month and the debt service is about $45 billion.
I just became aware of the amazing logical statement a couple of days ago.
I say - DO IT - declare bankruptcy and pay NOTHING but legally obligated DEBTS - tell all promissory actors to wait their turn until we get this ship under control with a new owner and captain and mission statement.
This post was edited on 10/7/21 at 10:06 am
Posted on 10/7/21 at 10:21 am to Aubie Spr96
quote:
If you're linking Mises articles, we can be best friends.
quote:
JustInfo
New Orleans LA
Member since Feb 2021
17 posts
Yes, not a bad start for the rookie.
Posted on 10/7/21 at 10:32 am to JustInfo
I disagree for the lone fact that I don't believe defaulting would cause Congress to check their spending. The two largest spending categories, Social Security and Medicare/caid are what needs to be cut the most but are the absolute last things which will be touched (another thing which would not be touched is the welfare system).
If I'm correct in my hypothesis then the eventual default (because Congressional spending habits over the last 20 years along with various segments who will always demand more mean that an eventual default is a mathematic certainty) will not be a short-term pain for medium and long-term gains, but the beginning of a long, death spiral for our economy.
Until/Unless we can change the dependency mindset of voters and the willingness of politicians to buy favor with government pork spending, the eventual default will be only the first step towards long-term pain and problems.
If I'm correct in my hypothesis then the eventual default (because Congressional spending habits over the last 20 years along with various segments who will always demand more mean that an eventual default is a mathematic certainty) will not be a short-term pain for medium and long-term gains, but the beginning of a long, death spiral for our economy.
Until/Unless we can change the dependency mindset of voters and the willingness of politicians to buy favor with government pork spending, the eventual default will be only the first step towards long-term pain and problems.
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