Written by Dominic DeVitte
Published on to do •
3 Read less
Published on to do •
3 Read less
The cost of insuring U.S. government bonds against default is now higher than that paid in some emerging economies and junk-rated countries.
Why is this important?
An American default 38,400 billion debt that the country is carrying is unimaginable. The implications for the US economy, the dollar’s world reserve currency, and global trade are simply incalculable.- America is reaching its ‘debt ceiling’ soon, but a deal between Republicans and Democrats is still in sight.
- “America is great,” former President Trump said on CNN on Wednesday default If the Democrats don’t give in, we can go.”
- According to Moody’s Analytics, a default could destroy millions of jobs and wipe out generations of wealth.
"We might as well do it now" — Trump endorses a US debt default pic.twitter.com/l81cW3bwH9
— Aaron Rupar (@atrupar) May 11, 2023
- Some investors doubt that the US will default on its debts
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