I don’t think we’re going to default. I think that either Congress will ultimately give President Obama a clean bill authorizing him to raise the debt ceiling, or he will do it himself . There’s also the possibility of a balanced compromise getting to his desk, but I think that’s less likely.
But, the possibility of a default is very, very real, and it must be taken into account. The possiblity exists that Social Security checks won’t go out. Do you know someone who relies on Social Security? Millions of seniors and other rely on Social Security for all or part of their income. Maybe it’s you. Maybe it’s a parent or a grandparent who worked for decades, paying into a system that promised them a certain income upon retirement. They planned for it. Maybe it’s all their income. Maybe it’s factored into their long term fiscal plan.
Do you have some idea what you are going to do if you or someone you love does not get the money that they have been promised and that they rely upon? Please think about it.