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The Watercooler
Anyone else worried about a possible govt. shutdown/no social security checks?
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<blockquote data-quote="BusynMember" data-source="post: 446319" data-attributes="member: 1550"><p>Actually, I didn't realize exactly what this debt ceiling was all about until recently, but now I do. Basically, if we don't raise the debt ceiling (and I'm not going to weigh in on if I feel we should or should not do it), we simply will not have as much money as we need in August to pay all our debts/programs. Nobody will lend us money either because our credit rating will go *boom*. And nobody is there to bail us out. China will be PO'd because they own a lot of our debt.</p><p></p><p>If it goes on for a long time, Wall Street will tank and we WILL face a depression without money for any social programs at all. I didn't believe it either at first, but I do now. It is way different for the Fed to default than for a state to shut down/default. </p><p></p><p>I am hoping they resolve this before August 2nd. If not....it won't be pretty. There will be many people who will not get paid. Social security is actually empty...the government spent it all (isn't that nice?). Anyone who works for the state would also eventually be affected. Unemployment checks also. </p><p></p><p>I am praying hard that this does not happen.</p></blockquote><p></p>
[QUOTE="BusynMember, post: 446319, member: 1550"] Actually, I didn't realize exactly what this debt ceiling was all about until recently, but now I do. Basically, if we don't raise the debt ceiling (and I'm not going to weigh in on if I feel we should or should not do it), we simply will not have as much money as we need in August to pay all our debts/programs. Nobody will lend us money either because our credit rating will go *boom*. And nobody is there to bail us out. China will be PO'd because they own a lot of our debt. If it goes on for a long time, Wall Street will tank and we WILL face a depression without money for any social programs at all. I didn't believe it either at first, but I do now. It is way different for the Fed to default than for a state to shut down/default. I am hoping they resolve this before August 2nd. If not....it won't be pretty. There will be many people who will not get paid. Social security is actually empty...the government spent it all (isn't that nice?). Anyone who works for the state would also eventually be affected. Unemployment checks also. I am praying hard that this does not happen. [/QUOTE]
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Anyone else worried about a possible govt. shutdown/no social security checks?
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