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Question: What is the minimum payment on a $2000 Social Security check?
Answer: $2000.
There won't be enough money to pay the minimum interest on the debt and all the other bills which need to be paid in full, and that will result in a default.
It's a serious problem because our Congress is basically telling the whole world that the Unites States cannot be trusted. What are they going to do next? Are they going to say they'll defund the military if they don't get their way?
You are wrong.
In a default situation we have 10 times enough $$ to pay the interest on our debt, so no default.
HOWEVER ---- we can only spend what we take in. Instant balanced budget.
We have all witnessed the extent Obama and his administration will go to to cause problems for the American people when he does not get his way. It is reported that even though we would be to pay the interest payment, there is a real concern that Obama will purposely not pay the interest payments to make political hay.
Obama is like Hitler hunkered down in the underground bunker in Berlin. He wants to "punish" the American people for thier lack of "loyalty" to him.
In the future, I think our presidents should be more carefully vetted to avoid another sociopath in the White House. Obama is indeed a very impulsive, scary individual.
In a default situation we have 10 times enough $$ to pay the interest on our debt, so no default.
Meeting one obligation out of many does not prevent default no matter what kind of font you use. Its like saying that you are not in default because you paid the interest on your credit card, although you left the mortgage, car payment, electric bills, collage loans etc unpaid.
In a default situation we have 10 times enough $$ to pay the interest on our debt, so no default.
HOWEVER ---- we can only spend what we take in. Instant balanced budget.
Yes, let's repeat everything in bold font. That really drives in the points
Meeting one obligation out of many does not prevent default no matter what kind of font you use. Its like saying that you are not in default because you paid the interest on your credit card, although you left the mortgage, car payment, electric bills, collage loans etc unpaid.
And we will not default. Our debt is about $15 billion principal and interest per month. We take in about $200 billion each month. We may not be able to pay all of Social Security, but so what, that's just an obligation not debt.
Those of you spreading misinformation about this are irresponsible. There is a difference between actual default on loans/debt and not being able to pay other bills. Go take a community college accounting or finance course, lol.
And we will not default. Our debt is about $15 billion principal and interest per month. We take in about $200 billion each month. We may not be able to pay all of Social Security, but so what, that's just an obligation not debt.
Those of you spreading misinformation about this are irresponsible. There is a difference between actual default on loans/debt and not being able to pay other bills. Go take a community college accounting or finance course, lol.
It appears my collage did a better job at educating me that yours did in educating you.
Default = failure to fulfill an obligation, esp. to repay a loan or appear in a court of law.
You think only unpaid interest on loans can cause a default but your understanding of a default is wrong.
Meeting one obligation out of many does not prevent default. Despite of what you have been told our interest payments are NOT THE ONLY OBLIGATIONS WE HAVE. Do you understand this?
It appears my collage did a better job at educating me that yours did in educating you.
Default = failure to fulfill an obligation, esp. to repay a loan or appear in a court of law.
You think only unpaid interest on loans can cause a default but your understanding of a default is wrong.
Meeting one obligation out of many does not prevent default. Despite of what you have been told our interest payments are NOT THE ONLY OBLIGATIONS WE HAVE. Do you understand this?
I won't repeat it again.
Actually it is college, not collage.
Let wikipedia explain to you what a default is:
In finance, default occurs when a debtor has not met his or her legal obligations according to the debt contract, e.g. has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. A default is the failure to pay back a loan.[1] Default may occur if the debtor is either unwilling or unable to pay his or her debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes. National default refers to the idea of an entire government unwilling or unable to pay a required national debt.
Not paying an entitlement, like social security is not a default on the debt!!
I have not seen any withnesses, nor reports supporting your claims.
The question: Should be pay the Chinese (as you suggest), as opposed the Americans?
There will be some really tough calls to make when you have $5.00 in your pocket, and $10.00 worth of bills.
Having $5.00 in our pocket and $10.00 worth of bills is exactly how we got to this point in the first place. Not raising the debt ceiling would be the equivalent of losing your part time job that you depend on to pay for luxuries. The main source of income is still coming in, you just need to cut back on spending for a while.
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