We are now somewhere between one and three months away from the U.S. hitting its debt ceiling limit, running out of accounting gimmicks and being unable to pay its bills.
The exact day when the U.S. will run out of cash isn’t known, since ongoing revenue streams are always something of a matter of informed guesswork, but the Treasury estimates it’s very soon. Earlier this year, Treasury Secretary Janet Yellen estimated that the doomsday date would hit in June. Then, with better-than-expected tax revenues coming in, analysts said it could be sometime in August. Now, Yellen has again said the doomsday date could be as early as June 1.
Whenever the government runs out of wriggle room, however, economists are pretty much unanimous in warning that the damage of Congress not raising the debt ceiling — or […]
I know one thing: I do not make enough money to live on NOW, on Social Security. I just cannot make ends meet. The S.S. tries to keep me afloat but I have had to use credit cards
to pay bills and eat. I have maxed out the credit card I use and my bank just threw me out of their banking system. I am in serious trouble. I have cut down electricity by 25%, have cut down my use of water with no effect on monthly price, have cut down on gas usage by lowering my temperature in the house, with very little affect. There is nothing more I can do. I will be hard pressed to get my garden started this year, which provides 50% of my food. I can do nothing more. I might as well die now!
It will be interesting to see at what point the ultra-wealthy will decide that they have enough control over the economy that they’re will to crash it in order to demonstrate their power as they believe they will be insulated from the effects.