5 things that will happen to you when America goes bankrupt

[melensdad]

We'll find out in a few weeks, all it takes is one of them to not agree to raise the debt ceiling.

NOT TRUE

We don't have to agree to raise the debt ceiling and the world will not crash in on us. Realize there is still income coming into the US treasury every month in the form of various taxes.

HOWEVER, if we don't raise the debt ceiling then we have to do a few things like 1) Guarantee our FOREIGN debts. If we don't do this they will call the notes and then the whole economy will collapse, not just here but in most of the western world. 2) If we do #1, then we will have to dramatically CUT our DOMESTIC SPENDING. Simply put, we can't pay our foreign debts and still fund an uncontrolled welfare state, NPR and use our military as the world's police.

 

[ThrottleJockey]

Raising the debt ceiling will not help, but will rather do more harm. The more we borrow, the higher our interest payments will become. Our future generations will struggle just to keep up with the interest while they starve to death from having nothing left after "minimum monthly payments". Our only chance to remain sovereign involves a few ICBMs strategically targeted today rather than tomorrow.

 

[Barbecue]

NOT TRUE

We don't have to agree to raise the debt ceiling and the world will not crash in on us. Realize there is still income coming into the US treasury every month in the form of various taxes.

HOWEVER, if we don't raise the debt ceiling then we have to do a few things like 1) Guarantee our FOREIGN debts. If we don't do this they will call the notes and then the whole economy will collapse, not just here but in most of the western world. 2) If we do #1, then we will have to dramatically CUT our DOMESTIC SPENDING. Simply put, we can't pay our foreign debts and still fund an uncontrolled welfare state, NPR and use our military as the world's police.

Thanks for the clarification.

 

[Muzzle Flash]

NOT TRUE

We don't have to agree to raise the debt ceiling and the world will not crash in on us. Realize there is still income coming into the US treasury every month in the form of various taxes.

HOWEVER, if we don't raise the debt ceiling then we have to do a few things like 1) Guarantee our FOREIGN debts. If we don't do this they will call the notes and then the whole economy will collapse, not just here but in most of the western world. 2) If we do #1, then we will have to dramatically CUT our DOMESTIC SPENDING. Simply put, we can't pay our foreign debts and still fund an uncontrolled welfare state, NPR and use our military as the world's police.

Thanks melensdad.

This post was getting to loud with all the tin hats banging together.I hope you guy's know the national debt you hear about is all part of the game.

 

[melensdad]

Raising the debt ceiling will not help, but will rather do more harm. The more we borrow, the higher our interest payments will become. Our future generations will struggle just to keep up with the interest while they starve to death from having nothing left after "minimum monthly payments". Our only chance to remain sovereign involves a few ICBMs strategically targeted today rather than tomorrow.

Anyway you look at the debt ceiling is there is going to be a lot of PAIN.

We can take it now and manage it by cutting spending, slashing social spending, slashing military spending, reducing services, etc.

We can push it to our kids and burden them with debt so overwhelming that they become surfs and servants.

But one other fact is not just the debt, its the destruction to our economic system by the OVER-regulation by our government that has pushed jobs offshore and reduced our ability to produce. If we can't produce goods then we can't export to other nations. We can GROW OUT OF A RECESSION if we have no economic engine. Unfortunately in addition to over spending and crushing debt, we have the double whammy of a weak economic engine due to EPA regulations, taxation, etc.

 

[tobi]

A steady decrease in your standard of living from additional taxes and inflation. As people are forced to spend less more people will be out of work as demand will drop for a lot of things. Vacations will decrease except for the very rich or foreigners, Micky Mouse will be speaking chinese.

A decrease in our standard of living in inevitable - it is happening now. Our kids will not have it as good as we did

 

[forkliftdave]

Im heading to the mountains, while the country goes in the toilet

 

[dom1104]

Continue school. A total collapse may not be happening anytime soon.

Have a plan B, of course.

I know it will disappoint some people here, but we have a long way to go before the lights go out.

I do think we are headed for a very rough time. Things are going to cost more as the dollar is devalued. Scarcity of goods will be the norm.

If the dollar becomes worth less and less, exports will increase, work will be created, and the cycle will continue.

Anyone who claims to know what will happen with any certainty should be ignored.

But have a contingency for everything. Don't put school on hold unless you have an opportunity to get back into it.

This is the most sane thing I have heard all week.

 

[fordmanchris]

Thank you, good advice that makes sense. I am currently in undergrad studies and just taking general education classes, but im to the point where I need to pick a major and after much changing my mind ( I am very indecisive) I have semi- decided on a business major. Hopefully that wont turn out to be a terrible choice with so many businesses failing, but there also arent to many other options I see that arent at risk with the economy if that makes any sense.

Continue school. A total collapse may not be happening anytime soon.

Have a plan B, of course.

I know it will disappoint some people here, but we have a long way to go before the lights go out.

I do think we are headed for a very rough time. Things are going to cost more as the dollar is devalued. Scarcity of goods will be the norm.

If the dollar becomes worth less and less, exports will increase, work will be created, and the cycle will continue.

Anyone who claims to know what will happen with any certainty should be ignored.

But have a contingency for everything. Don't put school on hold unless you have an opportunity to get back into it.

 

[Garb]

Thank you, good advice that makes sense. I am currently in undergrad studies and just taking general education classes, but im to the point where I need to pick a major and after much changing my mind ( I am very indecisive) I have semi- decided on a business major. Hopefully that wont turn out to be a terrible choice with so many businesses failing, but there also arent to many other options I see that arent at risk with the economy if that makes any sense.

IMO, do what you want to do when it comes to your major. I changed my major from criminal justice to history, and it had nothing to do with pay, job security, or job availability. I love history, and that's all there is to it. Don't let all of that crap stop you from doing something you'd really enjoy. Some people might say I'm being unrealistic, but remember this is your career your talking about, not just a job to get by. Jobs to get by are alright when you have to, but as a career, I want to do something I like. Good luck with your decision btw.

 

[ATOMonkey]

Business major is an excellent choice. Regardless of the economy we're always going to need businessmen to run businesses.

I should have taken business or econ or accounting instead of engineering. Even a management degree would have worked out better. You hit the glass ceiling pretty quick as an engineer, and the only way through it is with a transition to the business side of things.

 

[nate1865]

I don't like fear mongering so the article turned me off, because that's what I see it doing.

 

[coolluke]

I'm stocking up on bullets & beans

 

[patience0830]

yup

I'm stocking up on bullets & beans

^this^

Smartest reply so far. Unless a bunch of people know where you live and that you have bullets and beans.

Better have some rice put away and a water filter too.


I'm foraging at coolluke's house!

 

[patience0830]

It would be . . . .

I don't like fear mongering so the article turned me off, because that's what I see it doing.

If it weren't so painfully true, it could be considered fear mongering. Fear is a healthy emotion if it gets you to prepare to deal with what you're afraid of. Just being scared is stupid. Using that fear to motivate yourself is healthy. Get prepared or go play ostrich. Stick your head in the sand long enough and the hungry hordes of the unprepared will have your ostrich @SS for lunch.

 

[jeremy]

Plan B...

Build a Bong...