The Ripple Effect

Much of the discussion about the looming federal default focuses on the national government but the repercussions hit everywhere.

Moody’s Investors Service, a major credit rating agency, has said it would review 177 municipal governments for possible downgrades if the federal government loses its pristine credit rating. That could make it more expensive for local governments...to borrow money to build roads, schools hospitals and other important infrastructure projects, if they don’t delay or cancel them altogether.

It all makes sense if your aim is to destroy government.