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2023-05-22 Government Corruption

US Treasury warned of a possible default until June 15

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Posted by badanov 2023-05-22 00:00|| || Front Page|| [11127 views ] Top

#1 The federal government still has and will continue to have revenue flowing in.

1 - payment on bonds continues
2 - programs mandated by law to be paid (see Social Security) will be next in line for coverage
3 - everyone else takes a hit in what is divided up from what remains.

The Stupid Party will continue to be itself and end up with a omnibus bill that will be chocked full of non-essential spending.

Posted by Procopius2k 2023-05-22 07:03|| 2023-05-22 07:03|| Front Page Top

#2 The fourth section of the 14th Amendment to the US Constitution states that the solvency of the public debt should not be in doubt. This section may allow the president to decide the issue of public debt without congressional approval.

My understanding - and I am but A Wing Wiper Of Very Little Brain - is that there is a pretty strong school of thought that says the 14th Amendment absolutely requires that the debt be serviced, even at the expense of everything else, and only Congress has the ability to change it one way or the other. Either way, it's going to end at the Supreme Court, and they will go with the most conservative (read: LEGAL) call...at which point expect to see the Left suddenly discover Andy Jackson's philosophy of, "The Court has made its decision, now let them enforce it." They will do what they want until everything finally, completely, and irreparably breaks...which will likely be the morning that the Blue Cities suddenly realize that the checks didn't come.

It's got to end, and it will not be a controlled landing. We had - maybe - until the mid-2030s before the crunch was going to come, but the berserk pandemic spending pretty much pulled that rug right out from under us. I've been saying for a couple years now that in terms of the economy, all it was going to take now was one bad day, either on Wall Street or on Capitol Hill.

I truly believe now that day is coming.

Mike

Posted by MikeKozlowski 2023-05-22 07:05|| 2023-05-22 07:05|| Front Page Top

#3 Hmmm, didn't OBiden call Trump a dictator?

Posted by DooDahMan 2023-05-22 08:06|| 2023-05-22 08:06|| Front Page Top

#4 Danger Will Robinson.

Posted by Super Hose 2023-05-22 08:40|| 2023-05-22 08:40|| Front Page Top

#5 ^ It may have been referred to as a "bellicose bumpkin", but B-9 was both sage and wingman. Much respect for B-9.

Posted by Rex Mundi 2023-05-22 10:31|| 2023-05-22 10:31|| Front Page Top

#6 Anyone taking odds that this moves to default, giant and messy internal conflicts and titanic struggles... and Taiwan falls! Almost as if this is our Reichstag Fire moment, engineered to put the nation at war with itself and freeze the Puppet Show reaction? Cui Bono?

Makes one wonder if the Taiwan I&W checklist is getting more checkmarks?

Posted by NoMoreBS 2023-05-22 11:20|| 2023-05-22 11:20|| Front Page Top

#7 The best comment is still Kevin McCarthy's: (paraphrasing) that he is afraid the Biden administration will "bumble their way into default."

I don't think I have ever seen a more incompetent group of people anywhere.

Posted by Tom 2023-05-22 13:51|| 2023-05-22 13:51|| Front Page Top

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