1ClassyLady 68F
3125 posts
5/13/2023 12:40 pm
Debt ceiling standoff


US Treasury Secretary Janet Yellen urged Congress to raise its debt ceiling, warning that a US default would produce an “economic and financial catastrophe” that would trigger a global economic downturn and risk undermining the country's ability to provide global leadership. Furthermore, Janet Yellen says "US default would trigger a global economic downturn" and " it should be ‘unthinkable’ for the U.S. to default on its debt".

1. The nation may run out of money to pay all its bills as soon as June 1, the so-called “X-date.”

2. The government wouldn’t be able to pay everyone on time. It would likely prioritize payments to investors holding U.S. Treasury bonds, to avoid a “technical default.”

3. Payments like Social Security, Medicare, tax refunds, military salaries and others would likely be delayed.

4. Democrats and Republicans haven’t yet reached an agreement to raise or suspend the debt ceiling and avoid that outcome.



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/27/2023 6:16 am

US Treasury Secretary Janet Yellen extended debt ceiling deadline (the X date) for 4 more days to June 5th, 2023. This is Memorial Day weekend (3 days off).



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/18/2023 9:19 pm

“The official policy of China is that Taiwan should be integrated,” Musk said.
中共法定的政策認為台灣絕對必要合併成為一體
Musk used the words very carefully. I understand Elon Musk's stance 立場;態度.



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/18/2023 6:40 am

Listened what Elon Musk said during the interview on CNBC "Offer me money, offer me power… I don’t care.” "I’ll say what I want to say and if the consequence of that is losing money — so be it”.

Wow, I like his courage, entrepreneur's charismatic temperament.



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/17/2023 10:27 am

This "debt ceiling" makes bipartisan parties (Democrat vs Republican) into negotiation. Therefore, the stock market became volatile 反覆無常的. The bull and bear "tug of war" 拉鋸戰. The winner stocks and loser stocks in my portfolio polarized. The winner stocks broke to new year high, but loser stocks broke new year low. C'est la vie 【法】這就是生活;生活就是如此

“I think that should be a concern for everyone,” replied Musk, who was born in South Africa and became a U.S. citizen in 2002. Faber asked Musk if China will make a move to take control of Taiwan. “The official policy of China is that Taiwan should be integrated,” Musk said. “One does not need to read between the lines.”

When asked if China moving to control Taiwan would be bad for Tesla, or other companies, Musk said: “The Chinese economy and the rest of the global economy are like conjoined twins. It would be like trying to separate conjoined twins. That’s the severity of the situation. And it’s actually worse for a lot of other companies that it is for Tesla. I mean, I’m not sure where you’re going to get an iPhone, for example.”

I am a fan to Elon Musk and I drive a Tesla car. I think Elon Musk is a very intelligent, charming, unique person. He is the CEO of 4 companies: SpaceX, Tesla motors, a solar company and Twitter social media. However, recently he gave up Twitter to a female to be CEO of Twitter. I have had a bank CEO friend for 16 years and I saw him was very busy daily. It is understandable how Elon Musk must be extremely busy for 3 companies CEO.



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/14/2023 9:19 am

The debt limit is the total amount of money that the U.S. government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments.

The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past.

Failing to increase the debt limit would have catastrophic economic consequences. It would cause the government to default on its legal obligations – an unprecedented event in American history. That would precipitate another financial crisis and threaten the jobs and savings of everyday Americans – putting the United States right back in a deep economic hole, just as the country is recovering from the recent recession.

Congress has always acted when called upon to raise the debt limit. Since 1960, Congress has acted 78 separate times to permanently raise, temporarily extend, or revise the definition of the debt limit – 49 times under Republican presidents and 29 times under Democratic presidents. Congressional leaders in both parties have recognized that this is necessary.
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Anyway, I am a tax-payer to IRS and Calif state. I have paid "social security insurance" during my pharmacist career years (W-2), I have passed 65 retired age and U.S. Government should pay back those social security I have paid. As Medicare, I am paying supplement insurance premium that has been automatically deducted from my social security.

If you are a senior American citizen, you know what I am talking about.



Honesty is the best policy.


1ClassyLady 68F
3286 posts
5/13/2023 12:52 pm

I am an U.S. senior citizen who is over 65. I receive "Social Security Insurance" check monthly and have Medicare healthcare insurance benefit. So, raising "Debt ceiling" is very important to me, as well as all other American senior citizens.



Honesty is the best policy.