Debt Honor
Is it worth it to default on $13 trillion of national debt?
Given the massive size of the national debt (over $13 trillion,) what would be the consequences of defaulting on it, and would it be worth a try? Just erase everything to $0.00 and pretend like it never existed - refusing to honor any debt.
American investors, especially pension plans, have poured a lot of money into government bonds (debt).
So if you wiped it clean, millions of Americans would lose most of the money they had invested in pension savings and many elderly people left destitute.
The American government would also never be able to sell any more bonds if they proved unreliable like that, because who would buy them at the risk of losing all their investment. So the country would find it hard to borrow even in times of war or financial calamnity when it is necessary.
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