laura on Nostr: weird and horrifying things that happen if the US defaults on june 1st/2nd, in order ...
weird and horrifying things that happen if the US defaults on june 1st/2nd, in order of when they'd happen:
JUNE 2nd: june social security payoffs are probably going to run over the debt ceiling. people will get limited social security checks, some not getting them at all.
the stock market crashes by perhaps 40 or 50%. headlines across the world talk about the end of american financial hegemony. US military allies, especially Ukraine (and Israel) stop getting military funding
also medicaid/medicare stops working.
MID/LATE JUNE: taxes come in from certain states which had a delayed tax season. this pays off the rest of social security, but we're still in default.
JULY:
- all federal employees (including military) don't get paid
- all veterans don't get benefits or pensions
- social security checks are not given out
- food stamps stop working unless the states do emergency funding for them
SEPTEMBER 30th:
- if we're still in default by this point, the government shuts down. All non-essential agencies go dormant until a budget (and the debt ceiling) is passed. Some of the few agencies still functioning include air traffic control and the US military, neither of which have gotten paychecks for 5 months by this point.
JUNE 2nd: june social security payoffs are probably going to run over the debt ceiling. people will get limited social security checks, some not getting them at all.
the stock market crashes by perhaps 40 or 50%. headlines across the world talk about the end of american financial hegemony. US military allies, especially Ukraine (and Israel) stop getting military funding
also medicaid/medicare stops working.
MID/LATE JUNE: taxes come in from certain states which had a delayed tax season. this pays off the rest of social security, but we're still in default.
JULY:
- all federal employees (including military) don't get paid
- all veterans don't get benefits or pensions
- social security checks are not given out
- food stamps stop working unless the states do emergency funding for them
SEPTEMBER 30th:
- if we're still in default by this point, the government shuts down. All non-essential agencies go dormant until a budget (and the debt ceiling) is passed. Some of the few agencies still functioning include air traffic control and the US military, neither of which have gotten paychecks for 5 months by this point.