Economic Program | Memo
The Dominoes of Default, 2013
Say goodbye to 663,182 jobs and add nearly $19,720 to every new mortgage. Those are just a couple of the domino effects if the U.S. were to default on its debt in 2013.
Media headlines and the debate in Washington have both been dominated by talk about whether, when, and how to raise the debt ceiling. But there’s been far less focus on exactly what would happen in U.S. capital markets and how a default would affect Main Street.
This memo explains the most significant and likely economic consequences for America if we default on our debt.