The White House warned that a debt ceiling crisis could be just as bad as the Great Recession -- and

[Yo_Mama_Been_Loggin]

there'd be no way for the government to help anyone out

The White House is sounding the alarm about what economic horrors the country might see without action on the debt ceiling.

An analysis from the White House Council of Economic Advisers probes what a default on the nation's debt might look like. It would be an unprecedented economic catastrophe, and one that Treasury Secretary Janet Yellen warns could happen as soon as June 1.

If there's a short default, the US would shed half a million jobs, and unemployment would increase by 0.3%, according to CEA's analysis. And, in the worst case scenario — a protracted default — the country would lose 8.3 million jobs, and unemployment would rise by 5%.

That protracted default would trigger an "an immediate, sharp recession on the order of the Great Recession" of 2008-2009, according to CEA. The stock market would plunge by 45% in just the third quarter of 2023, making a dent on retirement accounts and leaving people spending less.

https://www.msn.com/en-us/money/markets/the-white-house-warned-that-a-debt-ceiling-crisis-could-be-just-as-bad-as-the-great-recession-and-there-d-be-no-way-for-the-government-to-help-anyone-out/ar-AA1aKutP

[dchill]

1. Sounds like just what Margie and Matty want.

[sarcasmo]

2. Quietly preparing for the worst.

[Victor_c3]

3. Don't underestimate the republican desire to destroy the economy

Especially while a Democrat is president.

[Walleye]

4. Trump said it out loud , that is the plan, crash economy then he can be president again

And that’s all that’s all that really matters

[dawg]

6. And if we just tell them to go pound sand and issue the debt anyway ...

what the fuck are they gonna do? Try to impeach Biden over it? Good luck with that.

The debt was implicitly approved by Congress when it voted for an imbalanced budget. The so-called "debt ceiling" is something we have every legal basis to ignore.