White House warns debt default could wipe out 8 million jobs, plunge stock market

[1srelluc]

https://edition.cnn.com/2023/05/03/economy/white-house-debt-default/index.html

White House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half.

The new projections, published in a blog post by the White House Council of Economic Advisers, make clear the enormous stakes behind a potential breach of the debt ceiling.

“A protracted default would likely lead to severe damage to the economy, with job growth swinging from its current pace of robust gains to losses numbering in the millions,” the White House economists said.

Treasury Secretary Janet Yellen said the US could default on its debt as soon as June 1 if Congress doesn’t act.

The report estimates the impact under three scenarios: brinksmanship, a short default and a protracted default.

Yeah, I almost quit reading at "WH Economists" too.

Well then, if it's DOOOM-time Tater should negotiate with the Republicans shouldn't he?.....I mean if the WH has time to put that shit out, they have time to negotiate cuts in exchange with the House.

But I knew it, the reason Tater's handlers wanted to wait a week for debt ceiling "discussions" was so they could get their media lackeys all lined-up to gaslight the dumb-shit public.....Watch for a full-court press tomorrow and through the week.

 

[Meister]

Democrats will own this debacle if Brandon doesn't negotiate in good faith.

 

[Oddball]

"Default" is a stone cold lie.

 

[1srelluc]

"Default" is a stone cold lie.

LOL....The USCoC says that there are 9 million unfilled jobs out there so we will still be 1 million to the good.

 

[rightwinger]

Republicans thrive on chaos

Meet my demands or the whole world will suffer

 

[JGalt]

If there's anything I've learned about the current crop of Democrats in office, it's that they always telegraph their intentions. That only means that their policies are going to wipe out 8 million jobs and plunge stock market.

Then try to blame it on the Republicans.

 

[rightwinger]

If there's anything I've learned about the current crop of Democrats in office, it's that they always telegraph their intentions. That only means that their policies are going to wipe out 8 million jobs and plunge stock market.

Then try to blame it on the Republicans.

Democratic policies have already added 13 million jobs since Biden has taken over

Republicans are seeking to destroy that

 

[JGalt]

Democratic policies have already added 13 million jobs since Biden has taken over

Republicans are seeking to destroy that

The Democrat's policies have not added 13 million jobs since Biden took office. Going back to work would have been a natural phenomenon after the end of a global pandemic that shut down the economy.

If anything, Biden's anti-growth, anti-business, and anti-energy policies have slowed the attempt to restore the economy to the pre-COVID Trump era. Then there's Biden's inflation rate, which is currently 3-1/2 times higher than it was in 2019.

 

[ActionJackson]

https://edition.cnn.com/2023/05/03/economy/white-house-debt-default/index.html

White House economists warned on Wednesday that a protracted debt default would cause the loss of more than 8 million jobs and cut the stock market in half.

The new projections, published in a blog post by the White House Council of Economic Advisers, make clear the enormous stakes behind a potential breach of the debt ceiling.

“A protracted default would likely lead to severe damage to the economy, with job growth swinging from its current pace of robust gains to losses numbering in the millions,” the White House economists said.

Treasury Secretary Janet Yellen said the US could default on its debt as soon as June 1 if Congress doesn’t act.

The report estimates the impact under three scenarios: brinksmanship, a short default and a protracted default.

Yeah, I almost quit reading at "WH Economists" too.

Well then, if it's DOOOM-time Tater should negotiate with the Republicans shouldn't he?.....I mean if the WH has time to put that shit out, they have time to negotiate cuts in exchange with the House.

But I knew it, the reason Tater's handlers wanted to wait a week for debt ceiling "discussions" was so they could get their media lackeys all lined-up to gaslight the dumb-shit public.....Watch for a full-court press tomorrow and through the week.

Now, wait a minute. Karine Jean-Pierre and her band of liberal shills says that the job market has never been better in the entire history of mankind. Who am I to believe: The Facts or Karine?

 

[rightwinger]

The Democrat's policies have not added 13 million jobs since Biden took office. Going back to work would have been a natural phenomenon after the end of a global pandemic that shut down the economy.

If anything, Biden's anti-growth, anti-business, and anti-energy policies have slowed the attempt to restore the economy to the pre-COVID Trump era. Then there's Biden's inflation rate, which is currently 3-1/2 times higher than it was in 2019.

3.4 percent unemployment

 

[jwoodie]

3.4 percent unemployment

Next time, try posting a complete sentence.

 

[JGalt]

Next time, try posting a complete sentence.

He can only parrot what MSNBC and The View tells him.

 

[odanny]

The source is CNN, so this is obviously fake news.

Nothing to see here folks, move along.....

 

[petro]

Constantly raising the debt ceiling and never having a budget is pure government failure.
All of them slimy Congressional critters are guilty.

 

[rightwinger]

Constantly raising the debt ceiling and never having a budget is pure government failure.
All of them slimy Congressional critters are guilty.

Want to have pure government failure…..Default on our debt

 

[petro]

Want to have pure government failure…..Default on our debt

The house of cards will eventually crash regardless of your bandaids.

 

[Oddball]

Want to have pure government failure…..Default on our debt

There's no threat of a default, lying goober.

 

[Mac-7]

I dont think we should default on the debt

Government spending should be reduced equally across the board instead

 

[Lisa558]

3.4 percent unemployment

Yeah, cause nobody is looking for a job. Better to stay home, buddy up with family members, and all live off of welfare.

 

[Lisa558]

Didn’t Biden say he was going to unite the country? You don’t do that by being a stubborn SOB, calling your opponents threats to democracy, and refusing to negotiate.