There seems to be a lot of fear mongering going on over our debt situation, even though we defaulted in 1979 and survived. What does that mean anyway...very grave... thats a rather strong and unusual word to use. Here's an idea, lets stop bombing the middle east and sending aid to countries that don't need it.
From the American Pundit:
Flashback: United States Defaulted in 1979
by Stephan Tawney on July 27, 2011
Democrats — and some Republicans — are out today insisting that failure to raise the debt ceiling would not only be bad but absolutely catastrophic. We’ve heard time and time again that it would be the first time in history America has failed to pay her bills. A disturbing precedent we can not afford to establish.
Only one problem: It’s bullhockey.
As the Washington Post notes, the United States actually defaulted on many of her debts in 1979. While a debt limit hike was approved at the last minute, delays meant payments to service debt obligations were late. In effect, we stopped paying our bills.
Only one problem: It’s bullhockey.
As the Washington Post notes, the United States actually defaulted on many of her debts in 1979. While a debt limit hike was approved at the last minute, delays meant payments to service debt obligations were late. In effect, we stopped paying our bills.
