Absolutely crucified on this bowl for warning months ago this was inevitable. For the past 50 years our politicians and the fed literally can do nothing but print and spend USD backed by nothing more than our military prowess. We’re dead in the water and the chickens are finally coming home to roost.

https://www.businessinsider.com/janet-yellen-debt-default-congress-republicans-ceiling-2021-6?amp

You must be new to this.

The debt ceiling is a sort of meaningless procedural limit that must be raised periodically to allow the government to borrow the money that it’s already spending. It used to be a routine, pro forma thing until about 10 years ago when the republicans first decided to use it to essentially hold the government and economy hostage in order to extract concessions from the Obama administration.

And? Much ado about nothing. Happens all the time. How much experience do you have in your career if I may ask?

Lol, this is true anytime we need to raise the debt ceiling.

Next story, the sun is hot.

Lol This happens literally all the time

*See business insider link. Immediately discount take I just read*

How old are you, 24? Not trying to be overly crass, but raising the debt ceiling ≠ some economic catastrophe. We occasionally have entirely self-inflicted political crises around it mostly due to Republicans behaving like little children.

https://en.m.wikipedia.org/wiki/History_of_United_States_debt_ceiling#Number_of_requests_for_increase

Is this the first time you’ve accessed the internet?

My god, these comments actually prove that no one paid attention in macro or understand our position in the global economy. “This happens all the time, what’s the big deal?, we’ve always done it this way” This is the exact reason, we are on the cliff of a USD collapse and hyperinflation we have NEVER seen in any of our lifetimes because the rate at which GDP has grown has always outpaced the rate at which we take on new debt. (I.e. increase the debt ceiling).

Right now, we’re at an unprecedented economic state of affairs. We’ve increased the M2 money supply in the past 18 months by something like 40ish percent. We’ve delayed and delayed income on federal student loans. We’ve increased federal spending and taxes have remained relatively the same. All these factors aside, there’s an estimated 10 million living rent/mortgage free right now that will certainly face eviction, and another 30 million are at least 3 months behind. Student loans won’t be forgiven.

When we raise the debt ceiling in order to service old debt, we are a dog chasing its tail and we cannot do this forever. When we print more money and increase the debt with the *hope* (well arrogance for the past several years) that foreign countries continue to buy US bonds. Eventually, when foreign countries realize that the falsely propped US economy, they are going to stop buying bonds. This will lead to a collapse in the USD and hyperinflation. Wages are stagnant, which ultimately means more and more wealth is going to be stripped from the upper-middle to the poorest of socio economic statuses via inflation.

We won’t raise taxes, we can’t raise interest rates, and obviously we have zero intent to scale back federal spending - those are really our only three options to keep us going from over a cliff. I tried saying this to a Trumper during his term, was crucified for basically treason against the MAGA cult for questioning the Cheeto. And now, that regimes have changed, you mention this to a Biden supporter, “you’re obvi just a GQPer just attacking Biden”. Our populous is so blinded by blue and red they can no longer see the very green problem that all of us are going to have to deal with sooner or later.

You should make this same post but have it be about the actual debt, not the debt ceiling. I've got a hunch the correlation of people who don't care about the debt ceiling and people who don't care about the actual debt will be close to 1, but maybe not. There is some nuance there. You can think the debt ceiling is irrelevant but still be terrified of the actual debt, though I think it's very unlikely that that's what's happening.

This is just Congress funding the bills it already approved. The time for pearl-clutching was before the bills passed. You’ll remember we already went through that phase.

Big old ponzi scheme

You’re overreacting. This happens all the time. The debt ceiling was suspended for 2 years under Trump so this risk was avoided under his presidency (read into that what you will). Even Republicans know how important this is, there may be some brinksmanship that could roil the markets but they’ll sign.

This has happened consistently for years, and we’ve raised the debt ceiling and whenever it falls under a Democratic President Republicans make a circus of it and milk it until the last minute