Did anyone take any personal precautionary financial steps in case our govt goes into default?
When was the last time the US went into default?
The U.S. has never reached the point of default where the Treasury was incapable of paying U.S. debt obligations, though it has been close on several occasions. The only exception was during the War of 1812 when parts of Washington D.C. including the Treasury were burned.
I think the politicians will work something out, but both sides will holler.
Should we default, I will definately vote out all incombents.
Sadly, I’ve chosen to go ostrich-like and insert head in sand, hoping that the unimaginable won’t be allowed to happen. I’m not smart enough financially to know just what would provide any protection if the unimaginable, becomes imaginable.
I do think that it might be more likely that the fiddly-pharting around on the edge of the cliff might cause Moody’s, etc., to issue or warn of a credit downgrading which could affect everyone in a more indirect manner I guess.
I have a little more capital to buy stocks if they drop, but thats about it…
I pulled a few bucks out of the bank, just in case.
Because when it does happen, we’re in uncharted waters and things will be unpredictable.
Well, there is allegedly a deal. And it has both republicans and democrats screaming, so it’s probably reasonable.
Now all they need now is for the two sides to agree… It’s a done deal!
The only thing I could think of was to sell stuff and hope the market crashed, but that is of course risky in and of itself. I figured the buffoons would eventually figure something out and I haven’t been too worried about it. I’m not sure anything is safe in this nightmare scenario.
What I found baffling was the difficulty in getting back unspent COVID funds. I thought the pandemic was over, so why not get the money back? Oh wait, the out-of-touch, self-serving clowns want to earmark that money for their own pet projects. What was I thinking?!?
It’s the result of a “ready” - “fire!” - “aim!” strategy…
I think the consequences of a temporary default are greatly exaggerated but there are almost no mentions of that. Imagine the average person demanding their bank or credit card increase their credit limit and saying it’s non-negotiable!
I understand there are a few who through no fault of their own live paycheck to paycheck but everyone else needs to have some cash or other savings handy in the event of all sorts of circumstances. And we all have costs we should cut regardless.
Any potentially delayed payments would be made up very quickly anyway.
I didn’t do anything but have a little set aside to invest if the market dropped significantly.
Do you think it would have any affect on China’s efforts to displaced the US$ and establish the yuan as the global currency standard?
What about military members; particularly lower ranks, whose entire income comes from the federal government? Likewise civil servants in similar circumstances? Or those who are retired and social security and/or a federal government retirement provides all or much of their income?
We have too many congressional members who operate under “my way or the highway” attitude, and won’t acknowledge that those with opposing views were ALSO ELECTED. This goes for both sides of the political spectrum, and has been going on for years.
Compromise has become a dirty word in our political world today.
I think too many Americans have forgotten that compromise is what made the United States of America possible.
My wife told me her sister sold off all her mutual funds in her 401k and went to cash in fear of the market crashing. She will probably work until she is 70 for some obvious reasons.
And of course just before the deal is signed, are you buying those depressed stocks?
Compromise was easier when you had moderate-left and moderate-right than it is now with extreme-left and extreme-right. Neither party is fiscally responsible…
I would argue that among the things that were settled through compromise by our founding fathers that there were quite a few as, or more divisive as the issues we face today.
Among those were the fundamental structure of our government and things like slavery, voter qualifications and vote weight and tabulation issues.