How worried should I be about the debt ceiling fiasco

[bclover]

Okay, I admit, I've not been following the bouncing ball on this one,( lol I live in Philadelphia and we're in the midst of a mayoral race). so what happens if we default especially to the stock market and such.

apologies if this has been discussed ad nausem, I didn't find anything.

should I be hoarding money under the mattress.

 

[milford]

It is worrisome as the impact of an impasse is huge, however the likelihood of it happening is very low. The best you can do is try to hedge a little in case if it does really happen.

Here is a good explanation from Rob Berger of the impact and what can be done to hedge a bit.

 

[Al18]

It does no good to worry about the things you can’t control. You can take precautions, such as a few months of expenses in your checking/savings account, but worrying is not productive.

 

[Winemaker]

There will not be a true "default", there have been 2 or 3 times where the debt limit has not been extended, albeit, a very short time. It is a political tool used by both parties to bash each other over the heads with, and gives the mainstream something else to show how one side is more extreme than the other. Dog and pony show.

 

[bobandsherry]

As worried as you should be that we elect officials who won't or can't come together for the common good. And truth is when they win we usually lose. That said, on news this morning it was more like we may defer payments to some vendors, but not default. We'll also furlough some government employees, but if history repeats itself they'll be paid in full for time furloughed. And some parks and government buildings may close due to staff. Most probably wouldn't even notice anything different.

 

[MarieIG]

Thanks for the interesting discussion.

Here’s an earlier thread on the debt ceiling - which had been closed.


https://www.early-retirement.org/forums/f52/question-about-the-debt-limit-116675-3.html