Many Americans, particularly our senior citizens, are worried about the current impasse between President Biden and House Leader McCarthy over the nation’s debt ceiling and a possible default.
If they do not reach an agreement by June, millions of Americans—and other parts of the world—will experience an economic tsunami. The average person in this country is perplexed that the world’s leading economy could face a default. One respondent viewed such an outcome like Rockefeller going broke.
Okay: If a default arrives, there’s no telling its overall impact, since it will be the first time it has ever occurred, and something President Biden would not want pinned to his legacy.
A recent statement from Treasury Secretary Janet Yellen provided some sense of what might happen: “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 wrote.
One simple understanding of the complexity of the chaos is that anyone expecting a check from the government could be in for a delay. That will be common anxiety for some 66 million retirees, disabled workers, and others who depend on Social Security benefits. Not having that allotment arrive as it usually does will be devastating for those dependent on the check for food, rent, and medical expenses.
According to the latest news, the two sides have offered optimistic reports, although that’s something we have been hearing for months. We have even heard discussions about President Biden invoking the 14th Amendment, which adds another incomprehensible action for the American public.
Who do we blame for this possible economic disaster?
Clearly, there’s enough blame for both parties to share, especially for the situation to reach this doomsday moment.
Folks depending on government allotments are Republicans and Democrats, so lift the ceiling and lift our spirits!
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