2016 Postmortem
In reply to the discussion: There Is No Fiscal Cliff. [View all]customerserviceguy
(25,183 posts)I didn't mean to imply that Social Security and jobs were related, I only meant that if we "did nothing", yes, we would avoid a ruinous grand bargain that the Rethugs have been itching for as a way to cut entitlements (thus saving Social Security in the short run) but a failure to raise the debt ceiling would cause a credit rating drop of US securities, which would lead to higher interest rates.
Older folks with CD's and such benefit from them, while younger folks are net borrowers, and suffer from higher interest rates. If interest rates go up on mortgages, then the housing market has a much worse chance of recovery, and the rest of the economy is impacted, making the outlook for jobs growth poorer.
Hopefully that clarifies what I wanted to say.