Wednesday, July 27, 2011

Brace for the Worst as Debt Ceiling Crisis Deadline Nears

If Washington lawmakers don't beat the debt ceiling crisis deadline, we'll see plummeting stocks, soaring interest rates, a slumping dollar and a severe shock to the weak economy. All of which will hit you in the wallet - and hard. Most investors are not prepared for the consequences of the failure of U.S. lawmakers to agree on a plan that will raise the federal debt ceiling before the Aug. 2 deadline. Few believed it even possible, but with only a week to go Congressional leaders and U.S. President Barack Obama are no closer to a deal than they were several months ago.

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US Economy: Countdown To Default?
One line of reasoning from the “no tax hikes” crowd in the debt ceiling debate is the inaccurate premise that the very wealthy, the top 0.1%, are job creators. If they’re the “job creators,” it might be in the public interest to protect them from excessive taxation - thereby allowing these top 0.1% to spend money on creating jobs--This is incorrect.

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