What would happen if America goes bankrupt?

When the U.S. Treasury is no longer able to pay its debts on time, the government will increase taxes on American citizens in an effort to raise enough money to pay what it owes to creditors. If our taxes increase by fifty percent, we will have less money to keep a roof over our heads and food on our tables. 3. Lives Will Be in Danger

Is going bankrupt really that bad?

Filing for bankruptcy has a bad reputation in many circles due to the fact that it damages your credit and involves discharging debts that will likely never be repaid. Sure, Chapter 7 bankruptcy isn’t great for your credit score and will appear as a public record for 10 years after filing.

Will the United States go bankrupt?

Short answer: YES, medium answer: NO, long answer: Absolutely, YES. 1) In the normal parlance, many countries have 'gone bankrupt', including many once-powerful nations, therefore one must assume the US could too. 2) The US can never 'go bankrupt' insofar as bankruptcy is a "civil, legal procedure."