Little Known Reason That Not Raising The Debt Ceiling Will Kill The American Economy

The American people and economy are likely to lose the “Exorbitant Privilege” we get from being the international Reserve Currency if US politicians continue to flirt with default. Boy am I tired of hearing Teaparty congressmen say that defaulting on our obligations by not raising the debt ceiling won’t be a problem. At least one of them has actually said that it would be a good thing. Sen. Mike Crapo (R-ID), said on Sept. 23 to PolicyMic, ” I don’t think it’ll happen, but if it did it would be very short… It all depends on what it generated. If it generates some real progress toward entitlement reform and getting tax reform teed up for activity, then I think that’s one of the best things that could happen for young people.” I really don’t think that many in Congress understand what even a single days default could mean. Continue reading Little Known Reason That Not Raising The Debt Ceiling Will Kill The American Economy