Anybody nervous about the debt ceiling not getting raised?

[EllenFrasier]

I don't want to talk politics or who is wrong or right - just wondering if I should be more worried then I am? I know several people who are getting Social Security benefits and I don't want to think about what would happen if they did not receive their check in August.
Other than that, how would this really effect me? I don't have any money invested in Wall Street. I don't plan on borrowing any money. Will we be okay?

 

[3happydancers]

I don't want to talk politics or who is wrong or right - just wondering if I should be more worried then I am? I know several people who are getting Social Security benefits and I don't want to think about what would happen if they did not receive their check in August.
Other than that, how would this really effect me? I don't have any money invested in Wall Street. I don't plan on borrowing any money. Will we be okay?

Personally, I have lost all faith in our government; from local, to state to federal. I myself do not collect social security or other benefits but I can certainly understand how those who do are sitting on edge waiting for the final word. Hopefully our government will have enough sense to make good choices and do what is right for the people of this country.

As for your question, it sounds like you will be ok for now. What happens in the future is another thing. Just remember you are not alone. The whole country will feel the effects of our government's decisions.

 

[Chuck S]

I just keep thinking of the people on medicare trying to schedule necessary procedures, and wondering if Medicare will continue to be funded while (if) the government defaults. In other words, would medicare and Social Security be one of the programs that would continue to receive funds, or would it all be put on hold.

My Mom & I are currently at Cleveland Clinic. We find out Thursday what type of heart valve surgery would be best for her. How do we schedule it, if it is temporarily not funded? They could literally be putting elderly persons lives in jeopardy if they temporarily stop funding all medicare while they continue "negotiating."

 

[OceanAnnie]

I'm more worried about the failure to reach a balanced budget. We need to stop the hemorrhage of spending money we don't have.

I have been reading conflicting reports that there would be enough funds for SS and medicare and that those payments are at the discretion of the POTUS. Still uncertain times.

Frustrating all the way around.

 

[Swimalie]

I'm not worried per se but I am watching it closely since my husband is a fed employee and last time they had a potential furlough he was on the short list to go in if needed. And yet we'll be out of town for a long scheduled vacation, coming home on the 2nd. We will have to watch his blackberry closely for updates.

 

[drgreene1096]

I am incredibly worried....we can't afford to not raise the ceiling, no can we afford to do so. This country has been in financial jeopardy for many years. I'm not a fan, but this did not start with this POTUS. Praying for a solution that will work out best for all.

 

[LindaBabe]

I'm worried - my husband is retired military and I'm on social security. Our IRAs are in "safe" treasury bonds. My multiply handicapped adopted granddaughter's medical expenses are covered by medicaid. Why is it always the old, ill, and poor that bear the cuts? "The rich get richer" and you know what happens to the rest of us

 

[momejay]

Services have already been cut. If we didn't grow our own vegetables, cut coupons and cook at home every night, we'd really be in trouble. I'm very grateful for what we do get, but I'm worried about more cuts.
I'm a single mom of 2 children with autism. (I didn't plan it that way. My X is a coward.) My son gets SSI. His check was already reduced by about $100 a month. They have determined that since he is a teenager he doesn't need a babysitter so we lost another $150 for childcare each month. I had to quit several jobs because of school vacations and no appropriate childcare. Uncovered medical expenses have put us in the poor house. We used to be in that over "250 thousand" bracket, but now we get food stamps.
I guess I am worried that congress will just put it off again and not find any solutions.

 

[dntd]

Every time I go shopping I get sticker shock... I'm beginning to think we will soon be bringing bags of cash to buy things like they did in the great depression...

 

[ClarabelleCowFan]

I'm on a board for other military wives and there is quite a bit of concern as to whether or not the military will receive their paychecks. USAA (military bank) already has the following notice on their home page:

Temporary Payroll Advance Program to eligible members serving on active duty, including those actively serving in the Guard and Reserve, who have their existing DFAS payroll deposited into a USAA checking or savings account. This is a one-time loan for payroll scheduled for deposit on Aug. 15.
Waive property and casualty insurance policy late fees or bank nonsufficient fund fees and suspend nonpayment cancellations for members who are on active duty, including those actively serving the Guard and Reserve, for 30 days where legally permitted.

Apparently the bank has no faith in the government either.

 

[Lisa loves Pooh]

I'm on a board for other military wives and there is quite a bit of concern as to whether or not the military will receive their paychecks. USAA (military bank) already has the following notice on their home page:

Temporary Payroll Advance Program to eligible members serving on active duty, including those actively serving in the Guard and Reserve, who have their existing DFAS payroll deposited into a USAA checking or savings account. This is a one-time loan for payroll scheduled for deposit on Aug. 15.
Waive property and casualty insurance policy late fees or bank nonsufficient fund fees and suspend nonpayment cancellations for members who are on active duty, including those actively serving the Guard and Reserve, for 30 days where legally permitted.

Apparently the bank has no faith in the government either.

I wouldn't say that. USAA is an awesome bank--they are just laying plans in the event something happens because they do care about their members. They are more proactive and less reactive.

I have noticed many messages pertaining to many different financial issues in the economy.

 

[LoveBWVVBR]

No. I think that it will all get worked out. My friend is worried, though, since her DH is a govt. employee. She's mostly worried about their health insurance getting paid.

 

[macbitt]

Other than that, how would this really effect me? I don't have any money invested in Wall Street. I don't plan on borrowing any money. Will we be okay?

Funny enough Wall Street is not panicking (yet) like most people figured they would. They are still mostly confident the crisis won't happen. The market has reacted a bit and I know some brokers who are extremely nervous, but expected sell off hasn't come.

Very important point to keep in mind: no one really knows what will happen if the U.S. defaults. It has never happened before with a county in our position in the world economy. It is generally agreed upon to be bad, but anyone who claims to know exactly how bad is guessing at best and a politician at worst .

That being said the single biggest affect for the average Joe would be an increase in interest rates. Any debt you have that isn't on a fixed rate (credit card is a prime example, so are student loans and some types of mortgages) could go up, double by some worst case predictions.

Even if you don't owe money (or have all fixed rate loans) other people and companies do owe money, so their costs could go up. That in turn would drive the cost of goods and services up, which lowers consumerism, which affects the employment rate.

Will your personal financial state collapse? No. Will you be impacted? Yes. Will it delay or halt your next Disney trip... that we won't know until we actually see how bad the U.S. going into default is.

 

[Planogirl]

I'm only wondering how the market will react if we do pass the deadline without anything being done. That will be interesting.

I do hope that those who depend on the government aren't left high and dry.

 

[mikehn]

I remember when they said the world's computers would crash and there would be total chaos when the clock struck 12:01 year 2000. Not a darn thing happened.

 

[princesspeach]

I remember when they said the world's computers would crash and there would be total chaos when the clock struck 12:01 year 2000. Not a darn thing happened.

There should not be a problem unless the morons stop getting there welfare checks. I would probably stay out of any inner city neighborhoods.

 

[SunnyP4Disney]

There should not be a problem unless the morons stop getting there welfare checks. I would probably stay out of any inner city neighborhoods.

 

[Disneycrazymom]

Another concern is being downgraded. If that happens our interest rate will go up and we will owe more money on the debt. Many people have said for a long time that this dept and spending can not last. Even if they raise the debt limit we can still be downgraded if there are no real changes in how we spend money. This is a serious problem. Maybe not on Aug 2 but soon.

 

[KathyTX]

Turned political... time to close.