already do. the united states has never intentionally failed to pay its debts before but house republicans say they are threatening to drive america over that cliff unless they get the drastic spending cuts they are demanding. never mind that the national debt increased by 7.5 trillion dollars under former president trump and that they, republicans raised that ceiling with no hesitation three times while trump was president. this is not just boring but keeping folks, if the country does default on its loans, you will feel the impact. according to the think think third, way americans would lose 3 million jobs. the average worker nearing retirement could see $20,000 and savings erased. prices of everyday items will skyrocket, and after all of that, the national debt would actually increase at more than 800 billion dollars. but speaker kevin mccarthy, he does not seem to share secretary yellen s sense of urgency. take a listen. there is no doom right
repercussi repercussions. you re talking about the economy in the sum of goods and services sold. $17.6 trillion dollars versus the u.s. at 17.5 trillion dollars. so a couple hundred billion dollars between friends, i guess. still, the chinese economy will continue to get larger. they are making a transition from becoming an exported economy, producing all the products of the world to a consumer economy which is, of course, what we are in the u.s. a consumer economy. that s going be tough. so, again, i think the chinese economy will continue to get larger, and the u.s., it needs to pick up growth in order to impact its people and that means job creation and that s been very slow. we need policies and we need real job creating policies. how does this affect confidence in the economy when people see a number like that and see that we ve been surpassed? i know we have better than anticipated job numbers in terms of taxable rates and salaries increasing, as well.