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US: Default on debt would cost millions of jobs, wipe out trillions in wealth
A new analysis spells out damning effects the nation could see if the federal government defaults on the national debt, from millions of job losses to trillions in household wealth being wiped out. As Congress struggles to find a way to raise or suspend the debt ceiling — with Republicans digging in against doing so — a report published by Moody’s Analytics this week depicts a grim scenario the country could face as it teeters toward an unprecedented default. If congressional leadership fails in their race against the clock to address the debt limit, the analysis forecasted an economic downturn reminiscent of ... (full story)
