16 Things That Will Happen If Congress Defaults on the Debt

Mother Jones compiled the list. Here’s a summary of the first half of the horror:

1. Social Security payments will be delayed, possibly cut.

2. Federal employees will be screwed…even more.

3. Pay and benefits for military service members and veterans will be delayed, possibly cut.

4. Medicare and Medicaid checks will be delayed, possibly cut.

5. College kids will lose their private loans and have (even more) trouble getting jobs.

6. Say goodbye to your retirement savings.

7. Good luck buying a home.

8. Or a car. See above.

9. Or getting a credit card. Ditto.

“Say goodbye to your retirement savings” alone should terrify everyone.

This entry was posted in Economy and tagged . Bookmark the permalink.
  • trgahan

    But the black guy won’t be able to give me more affordable health care, so it’s worth it…wait that’s happening anyway?…well….we need to cut up the credit card and balance the budget…uh, that is already happening and this an unrelated issue….ah..both sides hold the debt ceiling hostage!….ah, the Democrats have never done this?!?… ..SOCIALISM!…ah…and LIBERTY!…ah….the black needs to learn his place, but we’re not racist!…ah…

    • beulahmo

      Damn. This is exactly what they’re doing. It’s not even parody anymore.

    • beulahmo

      By the way, if you’re a Twitterer, I recommend watching the Twitter stream of Bruce Bartlett, economist and former White House advisor to the Reagan and GHW Bush administrations. (A little background, in case you aren’t familiar with him: he was ostracized and rejected from the right-wing media complex after daring to criticize the un-conservative stupidity of the GOP during the GW Bush administration. And his criticisms of Republicans, over the last 5-7 years, have grown increasingly scornful.) Over the last week or two, Bartlett has completely abandoned the term “Republican” and now refers to them only as “the wankers.” And, among other criticisms, he openly talks about how the party’s only raison d’etre at this point is racism. They’re obviously a neo-Confederate party now.

  • http://drangedinaz.wordpress.com/ IrishGrrrl

    Say goodbye to your retirement savings.

    I know! My investment adviser is going to get fired if I lose my savings (not that it’s all that much, might let my family stay in our house for a month or two). Not because the shutdown and default is her fault but because I told her just yesterday that I was very worried and she was very nonchalant about it–“nothing to worry about”. Are you fucking kidding me?!

    • beulahmo

      Mine is a Republican. Wonder if he’s a Tea Partier?
      Say, how does one go about finding a non-Republican financial advisor in a red state?

      • Teddy’s Person

        I feel ya. It’s hard to find an non-Republican anything in a red state.

      • http://drangedinaz.wordpress.com/ IrishGrrrl

        I feel your pain…am in a red state too. She actually asked me where I was getting my information from and I was staggered to hear that she wasn’t reading the same things I was reading. Economists are pretty clear that it could be disaster, right? I asked her if she knew who Paul Krugman was and she didn’t have a clue. I actually like her as a person but I think she is profoundly ignorant of the world beyond her nose.

        • Christopher Foxx

          I actually like her as a person

          Great. So send her a card on her birthday. But don’t let her manage your money.

          I don’t like my adviser personally. But then I didn’t hire them to be my friend. I pay them to be more knowledgeable about financial matters than I am. And anyone who doesn’t fit that description shouldn’t be getting your business.

    • Christopher Foxx

      Yes, fire them. You are not being well served by any financial adviser who is dismissive of the current situation.

      If things go badly there may not be an adviser in the world who would be able to keep your nest egg from shrinking. But one who doesn’t even think there will be a problem? Incompetent and not worthy to receive your money.

  • zirgar

    Yeah, but all of this horrible shit is totally worth it to the GOP just to fuck people out of Obamacare. Sacrifices must be made!

    • beulahmo

      Yeah. They can’t tolerate money being spent on those people.

  • bbcaaat

    One addition, the republican party will be finished forever.