'How Far Will Debt Default Trickle Down?'

from blogs.philadelphiaweekly.......

"Turns out, Ronald Reagan, Milton Friedman, the Heritage Foundation and Joe the Plumber were right: Trickle Down Economics is real, and it’s here! You’ve probably seen it in action over the past few years, as Wall Street Greed trickled down to mass layoffs, unemployment and union busting. Federal tax cuts with increased spending trickled down to state and local tax increases. The list goes on and is getting closer to home as we speak.

As Philly and other local governments across the country struggle to get out of the Recession, the Washington Garbage Heap shit dance continues. Debt talks collapsed over the weekend, shares went down, and this morning’s reports suggest the Democrat do-nothings in Congress are willing to concede to more tax cuts to get a deal done.

No one really knows what will happen if the U.S. government defaults. But some have been making educated guesses. As mentioned on this blog a few weeks back, it’s likely those already struggling to make ends meet will be most impacted, as is often the case. If no deal is done by August 3rd, credit card rates may rise immediately, gas prices could go way up and “people will be perceived as greater risks, and that will translate to higher interest rates,”according to George Evans of the Marshall Investment Group"............READ MORE