Shrillland wrote:San Lumen wrote:How would there be total economic collapse merely because we didnt raise the debt limit?
Because we will have defaulted on all of our debts, the nation will have gone bankrupt. Since we couldn't pay for anything beyond the limit, we would have to make severe cuts and print outrageous amounts of money to pay off what debts we have, which would lead to mass unemployment, the destruction of the safety net, and Weimar levels of hyperinflation.
then maybe we shouldn't be so irresponsible with money.