what happens if the treasury runs out of money? (unemployment rate, politicians, economic)

[B4U]

Originally Posted by Little-Acorn

It ran out of money years ago. It's been living on borrowed cash ever since.

Now it's getting to where it can't even afford to borrow the cash.

It's been getting along ever since last May (when we hit the debt ceiling), by draining the funds of various Federal retirement accounts and other trust funds it's supposed to "manage".

Now, those retirement funds are just about exhausted.

It's been hoping Republicans will cave, so it can quickly borrow a few more $trillions and quietly pay back those funds before the media starts pointing out what they are doing.

BTW, this activity would get any CEO or financial officer of any company that did it, thrown in jail for fraud so fast his britches would smoke. It's one of the most illegal things you can do, in ANY company in this country.

Great post! no reps available.

[Dockside]

Originally Posted by Fundman

If the debt ceiling is not raised then the U.S. govt can only spend an amount equal to total revenue incoming.

Really? Only spend what they take in? Sort of like the rest of us. I'm not sure I see a downside there.

[Little-Acorn]

Originally Posted by TheHurricaneKid

How far down the road are we going to kick the can before someone makes us pick it up?

Racist.

Bigot.

Homophobe.

Heartless cad.

[Ponderosa]

Social security would stop fairly soon as there really is no money outside of government obligations that fund it. Treasury would not meet the obligations or be able to borrow to do so. That might be a minor worry though. If the US currency collapses the world economy goes along with it. It would make the recent recession look like boom times in comparison. Frankly, I think Obama will invoke the 14th Amendment before that happens and direct treasury to pay the bills. By the time the courts figure it all out, there will be a fix.

[Little-Acorn]

Originally Posted by Dockside

Really? Only spend what they take in? Sort of like the rest of us. I'm not sure I see a downside there.

Liberals (in both parties) won't be able to buy votes any longer.

At the same time, the people they have promised endless government goodies to, will get very angry at them when the promised goodies, stop.

That's the "downside" that keeps the politicians on the endless borrrow-and-spend-and scream-at-people-who-object course you have seen up until now.

[mohawkx]

Originally Posted by petch751

They send Obama out to promote class warfare to raise taxes again. Only this time he will consider people who make $100k rich. Hell why not go straight where he intends, he will say people making $50k are rich.

You obviously know very little about the government you hate so vehemently. But that's to be expected. Hate is usually spawned by ignorance.

All we have to do is print more money.

[Little-Acorn]

Originally Posted by mohawkx

You obviously know very little about the government you hate so vehemently. But that's to be expected. Hate is usually spawned by ignorance.

All we have to do is print more money.

From anyone else, I would be sure this laughable reply is meant as the joke it obviously is.

From mohawkx, I'm not so sure.

[TheHurricaneKid]

Originally Posted by mohawkx

You obviously know very little about the government you hate so vehemently. But that's to be expected. Hate is usually spawned by ignorance.

All we have to do is print more money.

Excess printing devalues currency...

[TheHurricaneKid]

Originally Posted by Little-Acorn

Racist.

Bigot.

Homophobe.

Heartless cad.

???

All I am asking is for government to come up with a solution to an oversized government.

[TheHurricaneKid]

Originally Posted by Little-Acorn

Of course. And that's exactly the nature of the "solution" proposed by today's modern liberals.

It's not a solution, it's progressively making the problem worse.