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... so predicts Moody's.

U.S. default this fall would cost 6 million jobs, wipe out $15 trillion in wealth, study says
https://www.washingtonpost.com/us-policy/2021/09/21/debt-cei...

Mark Zandi, chief economist at Moody’s Analytics, found that a prolonged impasse over the debt ceiling would cost the U.S. economy up to 6 million jobs, wipe out as much as $15 trillion in household wealth, and send the unemployment rate surging to roughly 9 percent from around 5 percent.

“This economic scenario is cataclysmic. … The downturn would be comparable to that suffered during the financial crisis” of 2008, said the report, written by Zandi and Bernard Yaros, assistant director and economist at Moody’s Analytics.

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The GOP was happy to cause the 2008 collapse on Obama's watch even though their economic advisers said that the bailout funds should have been at least 50% larger to avert catastrophe. We still have the same politics today. Will the big money players who have bought & paid for McConnell pull him back from the brink? Or are they betting that they can buy up a lot of distressed assets and real estate once the dust settles, post collapse?

We live in interesting times.

intercst
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