If lawmakers fail to come to an agreement on the debt ceiling crisis and allow the country to default on its loans, middle-class taxpayers could experience drastic financial consequences in several areas of their lives, according to a new report.
Negotiations between Democrats and Republicans have largely stalled as members of both parties attempt to use the financial crisis to achieve their own priorities. While Republicans seek to negotiate spending cuts in exchange for raising the debt ceiling, Democrats have remained adamant to pass a clean debt ceiling raise — putting lawmakers at an impasse just months before the looming deadline of a default.
The group specifically outlined the effects a default would have on Social Security benefits, which has emerged as a flashpoint topic among lawmakers in debt ceiling negotiations. Both parties have vowed not to cut benefits from the welfare program while also accusing the other of putting Social Security at risk.
A default would negatively impact taxpayers’ retirement savings, with the average worker at risk of experiencing a $20,000 loss, according to the report. Reaching the debt limit would also lead to increased inflation and rising costs for everyday items by weakening the U.S. dollar in the global economy.
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