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

[JGalt]

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

We already have a failing government. They are failing to protect the borders, to fix and repair the roads, failing to allow the oil and gas industries to provide us with low-cost energy, failing to keep us out of forever wars, failing to deal with skyrocketing violent crime and fentanyl, failing to bring inflation down to pre-pandemic levels, failing to protect children from cross-dressing mentally-ill freaks in their bathrooms, failing to bring unity to this country, failing to bring economic stability because of their massive spending bills, failing to deal with their President's and his son's many scandals, failing to keep government off the backs of the people, and we have a broken election system that's become corrupt.

 

[Toddsterpatriot]

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.

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.

I guess Biden shouldn't default on our debt.......

 

[Lisa558]

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.

I guess Biden shouldn't default on our debt.......

Maybe he should compromise with Republicans rather than be a “holier-than-thou” idiot who will cause a calamity. But just you watch…..the brainwashed Dems will find a way to blame it on the gop.

 

[Meister]

Republicans thrive on chaos

Meet my demands or the whole world will suffer

Yup, that's pretty much what Brandon said. I'm surprised you admitted it.

 

[JGalt]

Maybe he should compromise with Republicans rather than be a “holier-than-thou” idiot who will cause a calamity. But just you watch…..the brainwashed Dems will find a way to blame it on the gop.

Where's all that unification and bipartisanship Biden promised to bring to the country?

I bet he lied about that too.

 

[1srelluc]

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

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

Notice I used CNN when I could have used a more right-leaning source?

I figured that the leftists should look what is gonna happen square in the face.

 

[rightwinger]

Yup, that's pretty much what Brandon said. I'm surprised you admitted it.

Our President is ready to sign a debt extension……Republicans are holding the nation hostage

Our way….or the Nation gets it!

 

[rightwinger]

Where's all that unification and bipartisanship Biden promised to bring to the country?

I bet he lied about that too.

Biden has passed more bipartisan legislation than any President in twenty years

 

[rightwinger]

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

Nice try
But if you are not looking for a job, you do not count in the job market and dont count in the unemployment figures

 

[Toddsterpatriot]

Our President is ready to sign a debt extension……Republicans are holding the nation hostage

Our way….or the Nation gets it!

Biden holding the nation hostage

My way….or the Nation gets it!

 

[Lisa558]

Nice try
But if you are not looking for a job, you do not count in the job market and dont count in the unemployment figures

Duh. That’s my point! (Not too bright, eh?) Biden is working hard to keep people from having to look for a job by throwing OPM at them, so many of the unemployed don’t count.

 

[Lisa558]

Biden holding the nation hostage

My way….or the Nation gets it!

He’s like a petulant two-year old.

 

[rightwinger]

Duh. That’s my point! (Not too bright, eh?) Biden is working hard to keep people from having to look for a job by throwing OPM at them, so many of the unemployed don’t count.

link

 

[struth]

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.

yet they continue to hold the people hostage by not acting on the legislation passed by the house

 

[Concerned American]

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

Congress has already acted. They raised the debt ceiling and presented a budget with cuts that the dems and the WH don't like. The ball is in their court. If the vegetable doesn't sign it, the fault lies solely on he and the democrats. Its a bitch when the same tactics they used on Trump are turned on them. Fuck 'em.

 

[Toddsterpatriot]

He’s like a petulant two-year old.

Mentally, he's been a two-year-old for a while now.

 

[rightwinger]

Congress has already acted. They raised the debt ceiling and presented a budget with cuts that the dems and the WH don't like. The ball is in their court. If the vegetable doesn't sign it, the fault lies solely on he and the democrats. Its a bitch when the same tactics they used on Trump are turned on them. Fuck 'em.

Congress has not acted
McCarthy provided a bill (passed by one vote) that panders to the Republican base but can’t get through Congress let alone the President

Biden has made it clear he will negotiate spending cuts in the budget (where they belong) but never as part of extorting in return for a debt ceiling increase.

Biden has presented his 2024 budget…..still waiting for McCarthy

 

[Toddsterpatriot]

Congress has not acted
McCarthy provided a bill (passed by one vote) that panders to the Republican base but can’t get through Congress let alone the President

Biden has made it clear he will negotiate spending cuts in the budget (where they belong) but never as part of extorting in return for a debt ceiling increase.

Biden has presented his 2024 budget…..still waiting for McCarthy

Biden has made it clear he will negotiate spending cuts in the budget (where they belong) but never as part of extorting in return for a debt ceiling increase.

Sounds like he'll be responsible if we default.

 

[Lisa558]

Congress has not acted
McCarthy provided a bill (passed by one vote) that panders to the Republican base but can’t get through Congress let alone the President

Biden has made it clear he will negotiate spending cuts in the budget (where they belong) but never as part of extorting in return for a debt ceiling increase.

Biden has presented his 2024 budget…..still waiting for McCarthy

Where they belong?! And of course the Dems in their superior wisdom are the ones to decide that?

 

[rightwinger]

Where they belong?! And of course the Dems in their superior wisdom are the ones to decide that?

200 plus years of history says spending cuts belong in a budget