The Impending Debt Default and Its Impact on Families and Jobs

With only nine days left until a possible debt default, economists warn of devastating consequences, including a recession and a rise in unemployment rates. Federal benefits, such as social security, Medicare, and housing assistance, are also under threat. The devaluation of the dollar and treasury securities would affect every aspect of the economy, including retirement accounts and interest rates. Both sides of the political aisle must reach an agreement as default is not an option.