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How many times has the US Congress raised the debt ceiling since 1900?
I suppose this is an opportunity to measure how insane the Republican party has become. Failure to raise the debt limit would put the dollar at risk as the world reserve currency, losing that status would be devastating to the U.S. As for how to protect yourself, thatâs a tough one. Failure to raise the national debt limit would likely result in runaway inflation as companies / countries around the world decided that t donât like to hold dollars and dumped them, resulting in imports becoming much more expensive. It could result in throwing the entire world into a deep depression as the U.S. stopped importing goods it couldnât afford. That would result in economic repercussions around the world. Am I getting across how insane it would be for Congress to do this? Every time this comes up the party not in power makes all sorts of dire claims that t wonât support the increase, so far tâve always caved at the end. But it generates lots of press and hand-wringing in the meantime.
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T is the number one employer in the US The government doesn't even want to acknowledge that and instead goes on about the “economic recovery.” The economy has not been “recovering” at all and is in recession. The private sector ISN'T growing. Growth in the private sector HAS NOTHING to do with the federal government. The economy was the biggest spender in US history. Private sector jobs have risen at an historic (since World War 2) pace in 2013. And since 9/11, jobs have actually risen at a higher pace than GDP... In September and October 2012, the total number of private sector jobs in the US (according to the BLS) exceeded the total number of jobs that President Obama created from the “Growth and Jobs” stimulus package. What the government has said to the American people are no new taxes. So you go.