I don't have any money to pay you. You can sit in jail. One solution, he says, don't let counties keep all the money for themselves. Have it go to a big state pot. Your new fee you just invented, that's spread across everyone else in the state before it's redistributed back. Search Query Show Search. About Us. Contact Us. Listen Live. Show Search Search Query. Play Live Radio. Next Up:. Facebook Twitter LinkedIn Email. DALY: January 1, DALY: And it fuels this big credit bubble.
Banks are sort of issuing money with wild abandon. Darian Woods. He blends economics, journalism, and an ear for audio to tell stories that explain the global economy. He's reported on the time the world got together and solved a climate crisis, vaccine intellectual property explained through cake baking, and how Kit Kat bars reveal hidden economic forces. See stories by Darian Woods. She's also a correspondent for Planet Money, where she covers business and economics.
In this role, Smith has followed economic stories down the muddy back roads of Oklahoma to buy barrels of oil; she's traveled to Pune, India, to track down the man who pitched the country's dramatic currency devaluation to the prime minister; and she's spoken with a North Korean woman who made a small fortune smuggling artificial sweetener in from China. See stories by Stacey Vanek Smith. More News. Amazon workers in New York withdraw petition to unionize.
I love this just tells also a lot of podcasts from Europe and Africa Thanks. Apple Podcasts Preview. Customer Reviews. Top Podcasts In Business. WorkLife with Adam Grant. Women at Work. Harvard Business Review. The Mwango Capital Podcast. Mwango Capital. It would be forced to prioritize payments, deciding who will get paid and who won't. Ultimately, someone will lose out, whether it's federal employees, veterans, Social Security recipients or defense contractors.
For all these reasons, investors are not freaking out about the debt ceiling. Wall Street expects Washington will eventually raise borrowing limit, like it always does. Failure to do so would simply be too dangerous. The precise timing of when the debt ceiling must be lifted is a bit unclear. In late July, the nonpartisan Congressional Budget Office projected that if the debt limit is not raised, Treasury would probably "run out of cash" and be unable to make payments sometime during the final three months of the year, most likely in October or November.
But that so-called "X date" could shift based on how much tax revenue the federal government takes in. For now, Treasury is taking extraordinary measures to avoid a default. Those moves are not a permanent fix, however, and eventually the debt limit will need to get lifted to avoid a financial disaster.
Yellen put a finer point on it later in Wednesday's letter, saying "based on our best and most recent information, the most likely outcome is that cash and extraordinary measures will be exhausted during the month of October. Of course, this debate isn't taking place in a vacuum. It comes as the Delta variant is slowing the US recovery, which hit a soft patch in August marked by an unexpectedly sharp deceleration in job growth.
At the same time, inflation remains elevated as companies grapple with supply chain bottlenecks and a shortage of workers as the economy reopens. In other words, a debt ceiling crisis, let alone an actual default, is the last thing the recovering economy needs right now.
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