28 May '11, 10pm

Japan Shows How to Defuse Debt Time-Bomb

Saturday May 28, 2011, 10:39 pm This information, written by Anson Kaye, appeared in the US News & World Report of 5/27/11: "According to a Post/Pew poll, 45 percent of people who say they don’t understand the debt ceiling are more concerned about the increased spending that would occur if we do raise the debt ceiling than the possibility of default if we don’t. That’s troubling for those of us who believe the (approximately) 100 percent of reputable economists who say not raising the ceiling would be calamitous. But it’s understandable, too: If you are unaware of consequences, it’s difficult to be concerned about them." Listed below are the consequences of NOT raising the debt ceiling (from same article): 1. Slashed Government Services: If the U.S. goes into default, or runs up against the deadline, the government will have difficult decisions to make. The law will requir...

Full article: http://www.care2.com/news/member/451276626/2820533

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