A U.S. debt default could wipe out 6 million jobs and $15 trillion in wealth, Moody’s says. As CBS News reports, “In real terms, the nation would soon return to high unemployment rates, approaching 9% compared with its current rate of 5.2%. Also, come November 1 checks for millions of Social Security recipients would be delayed, Zandi noted. And stock prices would likely plunge by one-third, sparking that $15 trillion loss in household wealth. Meantime, mortgage rates and other interest rates for things like credit cards and auto loans would spike. Pensions for veterans would lapse, and benefits for millions of Americans receiving food assistance would be halted. The carnage could also freeze daily corporate cash flows and bond and credit markets. … ‘A bedrock of the U.S. economy and global financial system is that the U.S. government pays what it owes in a timely way,’ he wrote in the research note. If the government defaults, ‘The U.S. and global economies, which still have a long way to go to recover from the recession caused by the pandemic, will descend back into recession.’”
Given the inability of the RepubliKKKlan Party to pick their own leader, what makes you think they will be able to govern through much more challenging times, like raising the debt limit and passing a budget? Mark my words, fucktards. America is about blow up from within. But whatever. This is what people voted for. Oh, well. Welcome to stupid America! Too stupid to survive!