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<p>[QUOTE="John Burgess, post: 7936035, member: 105098"]it's a reasonable prediction that hinges on the government not extending the debt ceiling and defaulting on the national debt, which would in theory cause a massive stock market crash, devalue the dollar, and suck about $9 trillion out of the economy immediately. (U.S. stock markets valued around $46 trillion dollars) </p><p><br /></p><p>job losses across the board, just a massive disaster, in which case this prediction would come true, which is why this prediction get's made each time the debt ceiling comes up. Not raising it and defaulting would basically collapse the country and cause a greater depression than the great depression, and it would cascade globally. </p><p><br /></p><p>it's also not constitutional for the U.S. to not pay it's debts, that's a factor also. it's mandated in Amendment 14, Section 4, that all public debts must be paid. the debt ceiling isn't being raised for new debt, it's being raised to pay interest on the debt we already have.</p><p><br /></p><p>My opinion on the subject though, is if congress can't come to an agreement on it and raise the debt ceiling so the bills can be paid, then the executive branch will need to do it unilaterally, in order to not have a constitutional violation and crisis over it as well. </p><p><br /></p><p>I have no idea why they are playing chicken with it these last few times, all it's ever gotten was the credit rating of the country lowered for playing games and making things uncertain. it's why the credit rating of the country was so high, because it's constitutionally mandated that we MUST pay our debts and not question them. Want to argue over it, argue spending, argue about taking on the debts and paying them back in the first place before you take on the debt,m the time to argue isn't when the bill comes due.[/QUOTE]</p><p><br /></p>
[QUOTE="John Burgess, post: 7936035, member: 105098"]it's a reasonable prediction that hinges on the government not extending the debt ceiling and defaulting on the national debt, which would in theory cause a massive stock market crash, devalue the dollar, and suck about $9 trillion out of the economy immediately. (U.S. stock markets valued around $46 trillion dollars) job losses across the board, just a massive disaster, in which case this prediction would come true, which is why this prediction get's made each time the debt ceiling comes up. Not raising it and defaulting would basically collapse the country and cause a greater depression than the great depression, and it would cascade globally. it's also not constitutional for the U.S. to not pay it's debts, that's a factor also. it's mandated in Amendment 14, Section 4, that all public debts must be paid. the debt ceiling isn't being raised for new debt, it's being raised to pay interest on the debt we already have. My opinion on the subject though, is if congress can't come to an agreement on it and raise the debt ceiling so the bills can be paid, then the executive branch will need to do it unilaterally, in order to not have a constitutional violation and crisis over it as well. I have no idea why they are playing chicken with it these last few times, all it's ever gotten was the credit rating of the country lowered for playing games and making things uncertain. it's why the credit rating of the country was so high, because it's constitutionally mandated that we MUST pay our debts and not question them. Want to argue over it, argue spending, argue about taking on the debts and paying them back in the first place before you take on the debt,m the time to argue isn't when the bill comes due.[/QUOTE]
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