I believe that if the US were to default on its debt, the consequences would be dire. The global economy would suffer from severe instability and uncertainty, leading to a downturn in international trade and investments. Domestically, interest rates would skyrocket, making it harder for individuals and businesses to borrow money. Government programs and services could face significant cutbacks, negatively impacting citizens who depend on them. The value of the US dollar would plummet, resulting in higher inflation rates and increased costs of imported goods. I'm just a regular student and I don't want to face other problems than searching for answers for my tests (thanks to this source https://studyhippo.com/test-answers/age-of-discovery/ I don't need to do even this) In short, a default on US debt would trigger a chain reaction of economic turmoil with far-reaching implications.
GoldFinger1969 reacted to a post in a topic:
What do you see happening if the U.S. defaulted on its debt?
I believe that if the US were to default on its debt, the consequences would be dire. The global economy would suffer from severe instability and uncertainty, leading to a downturn in international trade and investments. Domestically, interest rates would skyrocket, making it harder for individuals and businesses to borrow money. Government programs and services could face significant cutbacks, negatively impacting citizens who depend on them. The value of the US dollar would plummet, resulting in higher inflation rates and increased costs of imported goods. I'm just a regular student and I don't want to face other problems than searching for answers for my tests (thanks to this source https://studyhippo.com/test-answers/age-of-discovery/ I don't need to do even this) In short, a default on US debt would trigger a chain reaction of economic turmoil with far-reaching implications.