You’re Invited to: The Possible Default of America’s Economy
The current stalemate between the Democrats and the GOP on Capitol Hill will cause the U.S. Government to run out of money if no compromise is made.
Enjoy the day, and watch as economic chaos ensues throughout the world (yes, more economic chaos than trying to find quarters to do your laundry).
Check out Obama’s Twitter account for more info:
When:
October 17th, 2013. Be there. (The partial federal economic shutdown started on October 1st. October 17th is a projected date as to when the government will run out of money).
Who’s hosting?:
President Barack Obama
Speaker of the House John Boehner (R, Ohio)
Congress: made up of the House of Representatives and the Senate
Why this is happening:
I’m sure you’ve heard about the partial Government Shutdown of ’13, or at least seen Miley twerkin’ in an SNL skit regarding the issue. #MileyforPresident http://www.youtube.com/watch?v=Ik1bdoufPt0
But get ready for October 17th, when the shutdown could take the U.S. economic crisis to some next level sh**.
Let me break it down for you:
If the debt ceiling is not raised by October 17th, the U.S.’s borrowing authority would be exhuasted, and the U.S. economy would go into a default.
Knowing this, Republicans who control the House of Representatives have still refused to approve a budget! They say they would only do so if Mr. Obama’s healthcare reform law were delayed or stripped of funding.
#Drama!
So far, Mr. Obama and the Democrats aren’t budging–they are refusing to change the funding for the healthcare law. (NOTE: the law was passed in 2010, approved by the Supreme Court, and was a central issue in the 2012 election in which Mr. Obama won.)
Who’s Invited:
The world.
Here’s why: The U.S. government spends more money than it collects in taxes. So to make up the diference, the government raises funds by asking investors to buy U.S. Treasury bonds. Investors, such as the Chinese government, do this because these bonds are seen as a safe place to invest money. If the U.S. were to default, it wouldn’t be able to pay the money it owes to Treasury bond holders (BBC NEWS).
So basically, there is going to be a lot of angry people and crowded bars all over the world.
What will happen:
If the Democrats and the Republicans do not come to an agreement, “There might be a financial crisis and recession that could echo the events of 2008 or worse.”–Jack Lew, US Treasury Secretary. OR WORSE!
Mr. Lew has also insisted that, “No one really knows what will happen if and when the money runs out.” The ultimate #YOLO.
President Obama himself believes that, “Economic chaos would ensue, with the markets going into flux, Americans’ retirement accounts and home values falling, mortgage and student loan rates rising, and recession setting in. The nation’s credit-rating could be downgraded and its borrowing costs could go up” (NBC NEWS). That’s quite a list!
“There’s nothing fiscally responsible about that,” commented Obama, but c’mon Prez, who cares about responsibilty these days? In this economy?
How about we forget about the Democratic party or the Republican party, and just party while the world economy, as we know, it crumbles before our eyes because a few stubborn people can’t compromise.
See you there!