(PatriotHQ) Splurge and tax crowd are spending money like drunken sailors on weekend shore leave and they are not slowing down! Well, paybacks coming and it’s a bitch!
Now, the American people are now just starting to feel what Congress has been up to the past several years in their printing money orgy and it’s not pretty!
United States is on the precipice of debt collapse. So, as the United States approaches its debt limit, loud voices are warning Congress of “irreparable harm.”
Extraordinary measures may not be enough to avoid immeasurable collapse leading to a financial disaster the world has never seen before! Treasury Secretary Janet Yellen informed Congress on Friday the United States is expected to reach its debt limit on Thursday and will then take “extraordinary measures” to avoid default, but many credit are saying America is on a collision course to total and complete catastrophe or epic proportions!
Buying time has turned into a luxury not an easy-out. In a letter to House and Senate leaders, Yellen stated her actions will buy time until Congress can pass legislation to either raise or suspend the debt limit for a period of time.
These measures include deferring some payments, such as contributions to federal employees’ retirement plans, in order to free up funds for other essential payments, such as Social Security and debt instruments.
People on the street are viewing the coming catastrophe as America having their chickens coming home to roost! “Failure to meet the government’s obligations would cause irreparable harm to the US economy, all Americans’ livelihoods, and global financial stability,” she said. “Indeed, in the past, even threats the United States government might fail to meet its obligations have resulted in real harms, including our nation’s only credit rating downgrade in history in 2011.”
One foot in disaster and another on a banana peel! Yellen stated, while Treasury cannot predict how long the extraordinary measures will allow the US to pay its obligations, “it is unlikely cash and extraordinary measures will be exhausted before early June.”
The debt ceiling debate will almost certainly result in a political showdown between newly empowered Republican lawmakers who now control the House and President Joe Biden and Democrats, who have had one-party control of Washington for the past two years.
Conservatives have been warning about the reckless spending orgies and the disregard of money printing limits but their warnings have been ridiculed and laughed to scorn.
It may be very possible the laughter will stop and reality set in, but it will be too little and too late! …. buckle up and hold on it’s going to be a very bumpy ride.