This Week’s Big Question:
Congressional budget chief Douglas Elmendorf recently said the United States will never default on its debt because of the immediate and long-lasting consequences it could have. Not so fast, says economist and author Dambisa Moyo. Study history. Big and powerful countries such as the United Kingdom and Germany have defaulted on their debt when they were no longer able to pay. The US isn’t unique. It could declare bankruptcy too.
Watch and share your thoughts with us in the comments section below.
CBO Head Elmendorf: How Likely Is US Debt Default? (via The Christian Science Monitor)
Dambisa Moyo: Should the US Default on Its Debt? (via Commonwealth Club)
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