OPINION

Debt default would be catastrophic for America

Common Ground / By Paul W. Hansen
May 24, 2023
May 24, 2023
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Nearly every columnist in America is writing about the possibility that the United States will default on our debt in the next couple of weeks. The issue is that important.

Moody’s Analytics, the multinational credit rating agency, tells us that a default would be “catastrophic” for our economy. It predicts a loss of six million jobs — trebling the unemployment rate. Moody’s expects a default will erase $15 trillion in household wealth. A worldwide recession could result.

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Paul W. Hansen’s column appears twice per month. Columns are solely the opinion of their authors. Contact him by emailing columnists@jhnewsandguide.com.

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