The technical term is “partial default.”
And the true problem is that we are in THAT much trouble, financially. The current administration, and one just like it (ie clinton or sanders) CAN’T dig us out.
The only one who can even come close, AND who is willing to put his neck on the line to do it, is Trump. Oprah has a lot of money, do you see HER up there trying? Nope. How ‘bout the Krotch brothers? nope. Warren Buffet? nope. Anyone else? Nope.
obama added to the problems by importing more people for us to have to support when we can barely support ourselves. Combined with jobs taking an over seas powder, leaving low level, low paying jobs isn’t helping. Regulations that protected big business while squashing new businesses aren’t helping. After the big businesses received their protection, they ditched us for someone else.
I’m sure as time goes on that we’ll find out all sorts of nasty deeds we know nothing about right now.
Not to mention all the wars which have been draining us and for which we got no booty.
Wow, so much for US T-bills being a safe place to park money.
“The technical term is “partial default.””
I thought the technical term was welching. Or is it welshing?
Power to the People right on!
Which is what we should have done years ago, and what would have happened if Cruz had his way, except it would have been a significant “partial” default.
And, he seems to be missing some information here. Perhaps too much time negotiating from his side of the table leveraging debt for real estate? The government can basically replicate as much currency as it wants at zero cost. That too comes with peril, but there is really no reason to even talk about renegotiating our debt when it can basically be paid off with the push of a button. Perhaps in the end its the same effect as inflation should cause loss of buying power. In some ways the FedRes has already done that by squashing interest rates, and QE. And that has already come at a cost to savers and those rolling their notes over. But a benefit to those in debt!