'Cataclysmic' US default would wipe out
nearly six million jobs and be
a crushing blow to Covid-19 recovery,
warns Moody's
Daily Mail (UK),
by
Shannon Thaler
Original Article
Posted By: Imright,
9/23/2021 2:24:25 AM
The US defaulting on its debt payments would be a 'catastrophic blow' to Covid-19 economic recovery and result in the loss of six million jobs, according Moody's latest analytics.
The dire warning comes as the US Treasury Department has said it will run out of cash by October unless Congress raises its debt ceiling. Currently, the Republicans are refusing to increase the debt limit over concerns about Biden's vast spending plans. Mark Zendi, the chief economist at Moody's Analytics, said in his latest report that the Biden administration and Congress are 'playing a dangerous game with debt limit'.
\He cited the pressing September 30 deadline - by which Congress must decide
Reply 1 - Posted by:
NotaBene 9/23/2021 2:38:54 AM (No. 923538)
I quote Stephen K. Bannon:.the answer is No, No, No.
17 people like this.
Reply 2 - Posted by:
judy 9/23/2021 2:57:39 AM (No. 923545)
I wouldn’t want these people balancing my check book......spend spend spend tax tax tax . The republicans will cave to the radical democrats....they always do...
17 people like this.
Reply 3 - Posted by:
stablemoney 9/23/2021 3:46:19 AM (No. 923560)
Another wolf cry. The Democrats have already voted to suspend the debt ceiling in the House, and have the 51 votes needed in the Senate. Republicans don't control squat, because they don't have the britches to contest a stolen presidency, and 2 senate seats in Georgia.
18 people like this.
Reply 4 - Posted by:
mifla 9/23/2021 3:55:46 AM (No. 923564)
Screwed either way.
11 people like this.
Reply 5 - Posted by:
PChristopher 9/23/2021 4:27:36 AM (No. 923583)
Shut it down...rush hour would be so much easier.
9 people like this.
Drivel. If a shutdown of government services would cost 6 million jobs, then those jobs are mostly make work crap that are of little value anyway. Shovel ready crap that should be buried anyway.
No more debt. I didn't agree with Trump signing CRs, and I certainly don't agree with them now. The government is legally obligated (though constantly ignored) to live within its means and not deficit spend.
A bank who has a deadbeat for a customer doesn't continue to lend them more money when they don't pay back what they already owe.
12 people like this.
Reply 7 - Posted by:
Jesuslover54 9/23/2021 5:23:35 AM (No. 923605)
And we should trust Moody's because we've forgotten about 2008?
11 people like this.
Reply 8 - Posted by:
Strike3 9/23/2021 5:33:43 AM (No. 923611)
Yeah, yeah, you raise that debt ceiling, you raise it high! Schumer knows that making that move without RINO support would cause everybody to hate the democrats, which is a goal they have already achieved, so what's the difference? Maybe the guvmint will shut down the monuments to veterans for a whole month this time and, even worse, cause a slowdown at the Post Office.
5 people like this.
Reply 9 - Posted by:
HPmatt 9/23/2021 5:48:51 AM (No. 923619)
Remember the fundraising from dead RINOs around ‘The Balanced Budget Amendment’?
Not raising the Sacred Debt Ceiling is That.
Yes I remember Moody’s AAA ratings of Real Estate toxic tranches.
NO ONE ever went to prison.
8 people like this.
Reply 10 - Posted by:
skacmar 9/23/2021 6:41:36 AM (No. 923651)
Who's jobs will be lost? Overpaid underworked government employees? If it is such a threat, Congress better drop their current unnecessary $1.5 & 3.5 trillion spending sprees p.
3 people like this.
Reply 11 - Posted by:
WhamDBambam 9/23/2021 6:47:56 AM (No. 923659)
Oh, you mean just like what happened in the 18 months since COVID arose?
4 people like this.
Reply 12 - Posted by:
wilarrbie 9/23/2021 6:56:56 AM (No. 923663)
Like so many of late, I have been going through an economic downturn personally. But unlike our governement, I have been able to make logical adjustments to my personal outlays that reflect less income. I canceled my gym membership, don't go out to eat as much (thanks, Covid!) got rid of satellite tv (best move ever, and will not put it back even if I win the lottery), and eliminated all unnecessary spending on floof. I cover my true expenses and still manage to save a bit each month. I DO expect the government to also make such necessary adjustments. They however, in the multi-trillions of budget dollars, cannot find a single dime to cut out. They are fools, behaving foolishly. And ramping up for a cosmic size temper tantrum if they don't get their wants. F - 'em. Shut it down.
8 people like this.
Reply 13 - Posted by:
F15 Gork 9/23/2021 7:15:32 AM (No. 923677)
Get a clue people.....the value of our currency is already somewhere in the basement. Printing more to pay off debt is madness. If you haven’t already laid in some emergency food and ammo, you best get crackin’ . All of this is not going to end well.
7 people like this.
Reply 14 - Posted by:
The Remnants 9/23/2021 7:19:10 AM (No. 923679)
These people desperately want our economy to collapse.
8 people like this.
Reply 15 - Posted by:
Jethro bo 9/23/2021 7:21:19 AM (No. 923681)
Hey Moody, news flash. Its gonna happen. Whether now or later, its gonna happen. One can't spend money like drunken Congress Creatures on shore leave in DC and have it end well.
4 people like this.
Reply 16 - Posted by:
The Remnants 9/23/2021 7:22:28 AM (No. 923684)
I agree with poster #1 - no, no, no, and another no. It is like giving a grossly overweight teen just one more bowl of sugar.
6 people like this.
Reply 17 - Posted by:
PostAway 9/23/2021 7:53:05 AM (No. 923713)
It appears, every in every way, that #14 is right. Now what?
2 people like this.
Reply 18 - Posted by:
Clinger 9/23/2021 8:15:05 AM (No. 923734)
And what are the chances that things will not be even more cataclysmic after we kick the can down the road and again reach the can?
3 people like this.
Reply 19 - Posted by:
Sanchin 9/23/2021 8:41:29 AM (No. 923753)
Relax, this is just a show for the elites and politicians to generate air time and press for themselves to show how smart and relevant they are. YES, this economy will crash in the near future and the the debt limit will be raised but this is not their focus. Instead, this is about who retains and remains in power and controls what. BTW your job, your economic security, your individual rights, and your freedoms are completely insignificant and meaningless in their eyes. BUT enjoy the show!
5 people like this.
Reply 20 - Posted by:
LC Chihuahua 9/23/2021 9:22:19 AM (No. 923786)
Just a preview of what's to come folks. First remove the debt ceiling. Next stop payment on the debt. After that comes confiscation of wealth and property. Straight out of the Communist playbook, but its really humanity's fallen nature at work.
Destroyers destroy, and cannibals devour. That's what they do.
This does not end well.
3 people like this.
Reply 21 - Posted by:
NamVet70 9/23/2021 9:36:57 AM (No. 923803)
The Democrats have the votes they need to raise the debt limit without a single Republican vote. They wish not to because their irresponsible spending is not popular. Republicans should not give them any cover on this. Any time the Republicans get full control of the government the press drumbeats about the need for checks and balances. When the Democrats seize full control, the press is silent about that. Default is not possible if the government controls its spending. That is why there is a debt limit.
1 person likes this.
Reply 22 - Posted by:
snowoutlaw 9/23/2021 9:43:28 AM (No. 923810)
How about living within one's means for once? Sure somethings will have to be cut but we know any cuts the swamp makes will only be in things that are really needed. Never would the Rats makes cuts in anything that isn't needed like funding China's bio research or global warming or any of the millions of pork projects. I am 100% sure enough waste could be cut to make increasing the debt ceiling.
1 person likes this.
Reply 23 - Posted by:
Hermit_Crab 9/23/2021 9:54:58 AM (No. 923826)
Yeah, Right. These Wall Street Crony-Crapitalist types always whine when there might be an interruption of the taxpayer dollars flowing into their own pockets. They intentionally destroy the future for 'regular people' for a bit of profit for themselves and their friends today.
1 person likes this.
Reply 24 - Posted by:
mc squared 9/23/2021 10:11:03 AM (No. 923840)
Don't forget the proposal to have banks send details of everyone's accounts to the IRS.
"Fury as Biden tries to let IRS SNOOP on your bank accounts,"
https://www.dailymail.co.uk/news/article-9973671/Bidens-plan-let-IRS-SNOOP-bank-accounts.html
Now why would they do that?
1 person likes this.
Reply 25 - Posted by:
cor-vet 9/23/2021 10:34:05 AM (No. 923861)
It was no problem for those pukes in D.C. to kill the private sector jobs en mass, but not those non-essential government jobs. Let the public workers miss a few checks and see how they like it.
1 person likes this.
Reply 26 - Posted by:
red1066 9/23/2021 10:39:46 AM (No. 923868)
BS. The false narrative of Covid is killing any economic recovery. Spending trillions of dollars to give to people who don't want to work is killing the recovery. Creating an atmosphere of fear about Covid in every work place is killing the recovery.
2 people like this.
Reply 27 - Posted by:
DVC 9/23/2021 1:02:21 PM (No. 924015)
Default would be no big deal for 99% of us.
2 people like this.
Reply 28 - Posted by:
doctorfixit 9/23/2021 8:10:29 PM (No. 924429)
Bring it on, Collapse is inevitable. Get it over with so the rebuilding can start, minus the Federal Reserve and minus Washington DC.
0 people like this.
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