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Our Economic Future in Peril

Our Economic Future in Peril

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Published by: Editor on Oct 16, 2013
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10/16/2013

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What is happening in Washington is absolutely terrifying. We are dangerously close to agovernment default.For months we have watched as Ted Cruz, egged on by Greg Abbott and the rest of theTexas Republicans, took control of Republicans in Washington. When one in four Texanslack health care coverage, Cruz has brought our government to a shutdown andcompletely controls the agenda in Washington.
 If no deal is reached by Thursday evening, our country will be set on a path to default onour national debt.
If Republicans allow the country to default, here’s what
we might wakeup to as soon as Friday morning:-
Downgrade of U.S. Credit Rating.
 A downgrade in our credit rating would lead todisastrous consequences, such as higher costs for unpaid credit card balances andcollege loans with rates tied to the government, and increased mortgage interest rates.-
Goodbye 401k.
Stocks, retirements and 401(k)s could get battered as the stock marketpanics over the default, dropping between 10 to 20 percent.-
A Tax Increase.
A downgrade would increase borrowing costs for the United Statesgovernment, in effect creating a Republican default tax hike on the American people.-
Delayed Social Security Payments.
Social Security payments could be delayed whenthe government runs out of money to cut benefit checks to our senior citizens.-
Threats To Medicare and Medicaid.
Payments to Medicare and Medicaid providerscould be threatened, and millions of Texans could be without the health care services they

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