How do you think the not raising the debt limit will affect our every day lives...

**alotofgooddeals** · 07-23-2011, 06:45 PM

Just wondering what peoples opinions are on the raising the debt limit and if they dont how it will affect our every day lives...I have stocked up this past week just in case....love to hear what everyone else thinks....

**jas** · 07-23-2011, 07:31 PM

All I can go by is the dismal reports of what will be happening to the food prices and interest rates ect. This is one time that I hope the media is really blowing it all out of proportion and things won't get as bad as they say. Of course I have noticed the price of food ect going up, up, up. I am buying only the things we really need not a lot of extras cause you never know how high things will get. I have stocked up on things we use all the time.

I watched a show, or rather caught the tail end of one, that John Stossel did about what other countries have done in this situation it was interesting I don't think Obama has what it takes. Some of the measures were drastic in the short term but payed off better in the long term. I think there is a whole lot that could be cut way before SSI and military pay that is for sure.

I think the name of it was The money pit or The Money hole. Something like that.

**jas** · 07-23-2011, 07:35 PM

it is called The Money Hole There may be a part two or a longer version of this also.

[ame=http://www.youtube.com/watch?v=NyIN4FkN2RA]‪6/12/11 airing of "The Money Hole" by John Stossel - Part 1‬&rlm; - YouTube[/ame]

**alotofgooddeals** · 07-23-2011, 07:38 PM

I have bought lots of canned veggies and soup..noodles, rice and canned milk....have lots of flour, sugar and butter...I also have purchased canned tuna and chicken...bought a huge bag of cat and dog food and purchased some bottled water...also bought alot of powerade for drinks...also had dh fill up the gas cans for the generator and have some extra gas just in case....all things that we will use eventually if not sooner...I personally think that things are going to happen until they can get this mess straighted out and it will take some time to get it taken care off...Shaws today had propane cylinders for half price so we bought 12...I want to go back and get 12 more...this is something we use anyhow if the power goes out to light the house and we use them when we go camping...so if not needed now...we will eventully use them...

**KimZ** · 07-23-2011, 07:43 PM

Originally Posted by jas

it is called The Money Hole There may be a part two or a longer version of this also.

‪6/12/11 airing of "The Money Hole" by John Stossel - Part 1‬&rlm; - YouTube

I just caught where you are from JAS..... How are things there? Now that the space program is ended. What's the outlook? are people leaving????

A little O/T but I have heard a dismal outlook for the Cape C Area

**melodys** · 07-23-2011, 07:48 PM

I don't think the effect would be immediate on my current standard of living. However I expect to take a hit on my retirement savings, and I am trying to save up for a house again (after selling at a small loss at the beginning of the California meltdown). If we default then buying a home would be that much harder this time next year when I expect to have enough saved for the down payment. Interest rates would go up and the general economy would be less stable.

**frugalfoster** · 07-23-2011, 08:09 PM

I doubt you need to worry about it....they seem to be able to pull the magician trick, but instead of a rabbit, it's trillions of dollars. They'll push something through in the 12th hour.

**jas** · 07-23-2011, 08:16 PM

Originally Posted by KimZ

I just caught where you are from JAS..... How are things there? Now that the space program is ended. What's the outlook? are people leaving????

A little O/T but I have heard a dismal outlook for the Cape C Area

Our local news has said since the Space Shuttle is now offically over 1800 people were laid off on Friday. They say in our county the unemployment is now 11%. I am sure it will take a bit to see how that really looks. Afraid to really spend anything these days except of stocking up.

**brenda67** · 07-23-2011, 08:20 PM

I've stocked up on everything (food,paper plates,lots of peanut butter & jelly) that will tide us over for quite some time..I still need to fill the 5 gallon gas cans and check the propane tanks for the grill..I need to pull another 500 cash out of the bank to add to the other cash we have in the house..

**sunshine** · 07-23-2011, 08:52 PM

Originally Posted by jas

. I think there is a whole lot that could be cut way before SSI and military pay that is for sure.
.

And the representatives had better not get paid, either - until they sort it out.

I have a son in the Marines, and we're prepared to send him money if they really do stop their pay.

**brennasmom** · 07-23-2011, 08:56 PM

Honestly, I don't know what to think.

I am stocking up where I can. Which I think it's always good to be prepared....

I *joked* with DH that now that we have the tent trailer when could always live in there if things got too bad.

**alotofgooddeals** · 07-23-2011, 09:14 PM

we have a hybrid and as tight as times were that is one thing i told dh i would not sell.....if need be i could live in it...not that i would want to with 4 people 2 cats and one dog but you do what you gotta do....i think whoever said it, i personally think its alot of hype to try and get people to purchase things which will spark the economy etc...i fell for it cause i am stocking up....but i want to be prepared if need be...I to am pulling out all cash...I get paid biweekly and its automatic into the bank so there will be some in there for the bills but the extra i want out in my hands just incase....

**Nishu** · 07-23-2011, 09:54 PM

I don't know. I don't think anyone knows. Unlike the budget crisis in April, I don't think we have an accurate deadline. We have until Aug 2 till we default, but our credit rating could drop and the stock market suffer before that ever happens. Fingers crossed, but I *think* that if they're not complete dopes, they'll whip something up before the end of the weekend. Probably a small debt ceiling increase to take affect immediately while they prepare their agreement in legal mumbojumbo and vote it through, and then a larger one (hopefull the last one?) to take affect onces that's done.

So, just like April, basically.

Hopin'...

**frugal-fannie** · 07-23-2011, 10:02 PM

My understanding is the current revenues would mostly cover Social Security and military. Now the president is holding peoples checks hostage- (It is his decision as to who gets paid first)even though the democrats have not put forward any plans and are just letting the republicans put forward plans and rejecting them. They have had over two years to do this and haven't. It may not matter if they sign anything the debt is so large now that any delay could have us downgraded even if we raise the debt ceiling.