D day June 1 2023?

PostmodernProphet said:
and do you believe that is not inevitable?......that's what happens when you keep borrowing money you have no intention of paying back........
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As long as government can keep taxing the citizens it can pay the bills (with accompanying negative consequences).

We pay back borrowed money every time somebody redeems their treasures. Unfortunately, we borrow more in order to pay the bond holder.
 
Tinkerpeach said:
They go bankrupt if they don’t trade with us so they will default also to keep trade going and yes I have thought it through
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Really? Again, you aren't thinking this through.

You are a small orchard farmer and you trade with the richest man in town who is your main customer for his supermarkets. He decides to stop paying you but insists you just give him your produce for free. Is that what you'd do?

Or would you load up your produce and start going from house to house offering it for sale?
 
signalmankenneth said:
US could default on its debt as soon as June 1 if Congress doesn’t act, Yellen says

I want to see Biden and the democrat's stand firm on rising the debt limit, no conditions?!!

The debt limit was raised three times under Trump, with no conditions?!!

CNN —
The US could default on its obligations as soon as June 1 if Congress doesn’t address the debt limit before then, Treasury Secretary Janet Yellen said Monday.

“After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government’s obligations by early June, and potentially as early as June 1, if Congress does not raise or suspend the debt limit before that time,” Yellen wrote in a letter to House Speaker Kevin McCarthy.

The accelerated timetable increases pressure on President Joe Biden and House Republican lawmakers to ramp up their debt ceiling discussions. After months of talks being at a standstill, the president called all four congressional leaders on Monday afternoon and invited them to a May 9 meeting.

Yellen warned that the actual date that Treasury exhausts its ability to pay the government’s bills on time and in full could be “a number of weeks later than these estimates.” She noted that it’s impossible to pinpoint an exact date since the amount of revenue the federal government collects and the amount it spends is variable.

She will continue to update Congress as more information becomes available, but she reiterated that it’s “imperative” that lawmakers act as soon as possible.

“We have learned from past debt limit impasses that waiting until the last minute to suspend or increase the debt limit can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States,” Yellen wrote.

“If Congress fails to increase the debt limit, it would cause severe hardship to American families, harm our global leadership position, and raise questions about our ability to defend our national security interests,” she continued.

The Congressional Budget Office also updated its forecast on Monday, saying that there is a “significantly greater risk that the Treasury will run out of funds in early June” because of weaker-than-expected tax collections. It had originally projected that the default could happen between July and September.

https://www.cnn.com/2023/05/01/politics/debt-ceiling-yellen-congress-default/index.html
6a00d8341bf80c53ef02b685360bb4200d-500wi


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That is a lie there were conditions
 
guno said:
Republican Debt-Ceiling Madness Is About to Begin Again


For those of you who don’t follow economics, or are too young to recall the political events of 2011 and 2013, the term “debt ceiling” refers to a statutory limit on how much the U.S. government can borrow. Ironically, Congress introduced the ceiling, more than a century ago, with the intention of making it simpler for the government to issue debt. For decades, it was increased regularly without much ado, but in the modern era it has been transformed by Republicans into a political weapon. When they are in power, they largely ignore it, concentrating on cutting taxes for the wealthy, bloating the budget deficit, and issuing mountains of public debt. (During the Trump Administration, more than roughly seven trillion dollars of additional debt was created, with much of it taking place during 2020, after the coronavirus pandemic began.) When Democrats occupy the White House, Republicans use the debt ceiling to demand spending cuts, and to hold the government, and the country, for ransom.


https://www.newyorker.com/news/our-...-debt-ceiling-madness-is-about-to-begin-again
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It is Biden that will cause default
 
Tinkerpeach said:
You forget the power of the US.

If we simply default what is going to actually happen?

Is Panama going to bomb us?

Once we simply erase our debt so will Britain, Russia, and China followed by the rest of the world and we will just start again from zero for everyone.

There really is no reason to worry about the debt, it’s just a number on a piece of paper
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Some bad things that will happen if government cannot keep borrowing money.

1. The 66 million people collecting Social Security will have much lower retirement income.
2 All the people who have a retirement account that includes treasury bonds will lose their life savings.
3. When we "start over" nobody will buy government bonds because they are risky (which will receive a much lower credit rating)
 
Doc Dutch said:
Really? Again, you aren't thinking this through.

You are a small orchard farmer and you trade with the richest man in town who is your main customer for his supermarkets. He decides to stop paying you but insists you just give him your produce for free. Is that what you'd do?

Or would you load up your produce and start going from house to house offering it for sale?
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Different situation completely.

This is on a global scale
 
Tinkerpeach said:
Different situation completely.

This is on a global scale
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...and you are going to roll the dice on your theory? LOL

Two questions:
1. Why don't sanctions work unless all involved abide by it?

2. Are you under 35 years of age?
 
10,000 JPP points says college dropout working minimum wage....and up to his/her/it's neck in debt.

It must really suck to have all that college debt and no degree. :rofl2:
 
The R’s always get blamed. They will this time because they refuse to propose reasonable cuts and reasonable taxes on the wealthy. Those two things combined would fix the problem
 
Tinkerpeach said:
Well I am female and single, I don’t have millions and I am currently a professional ghost hunter so there is my introduction post lol
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I believe you are female and single....and a college dropout. :)

I'm male, married and retired at 64. Now I'm 67.
 
Jarod said:
The R’s always get blamed. They will this time because they refuse to propose reasonable cuts and reasonable taxes on the wealthy. Those two things combined would fix the problem
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Yes, they'll get blamed for this. Not paying for money already spent is dishonest.
 
Doc Dutch said:
Fresh meat is always appreciated at JPP. :D



Have you been here before? Thanks for the tip about Ptif being an active lying scumbag on PH. I'm putting the info to good use. :thup:
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Haven been here and it’s taken a long time to find a site I am not banned from but yes, I have quite the history at PH.

Glad to be here now though and I am going to try to be nice.
 
Tinkerpeach said:
Haven been here and it’s taken a long time to find a site I am not banned from but yes, I have quite the history at PH.

Glad to be here now though and I am going to try to be nice.
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Are you a member of the infamous Banned Camp? LOL

The main thing that can get you banned on JPP is to violate 12B. In short, implying or calling another member a pedo. You're free to call Pedo Don Trump a pedo all day long...especially since it's true, but not another member.

Doxx members or an excess of violations in other areas can get you banned too but you'll have plenty of warnings. Smart people heed the warnings. Dumbasses, not so much.
 
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