Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

With Biden saying "We have to spend or go bankrupt" I'm wondering what happens if we do go bankrupt?

I really don't know much about economics....it all seems like a shell game to me.... But if we have to spend all this money to prop up huge companies that have been making lousy cars for decades....and any other huge businesses who are failing...wouldn't it be better to let them fail and then help the people who lose their jobs with the money? To me it seems like all everybody is doing is stealing the money...and they will all probably go bankrupt anyway. So I'm wondering what would happen if we do go bankrupt?

Update:

yea...but what would actually happen if america went bankrupt ... what would physically happen? I mean if a person goes bankrupt they get a clean slate and start again.... ??All the stuff still exists....right? It's not like we would burn our own country to the ground....

Update 2:

sgold.....no china would not own the whitehouse or own this country.....you are talking about american law....there is no international law about this? Is there? There would have to be a new system right?

3 Answers

Relevance
  • Anonymous
    1 decade ago

    If we went Bankrupt then the Chinese will take over the White House, after all they own like 50% or more of our Debt so they get first call. If you go bankrupt you DON'T get a clean slate. You SELL most of your possessions to pay as much of the debt as you can. You are allowed a modest house and a modest car. Well the USA owns a lot more then that, and that's where China will start collecting it's debt from.

  • 1 decade ago

    I have six maxed out credit cards, am defaulting on 2 mortgages, have outrageous medical bills, am upside down on my car......I think spending a little more will fix all this - don't ya think??

    Joe Biden is an idiot. There's really no way around it. This country already is bankrupt. We are just holding on, praying that China and others continue to buy our bonds. If the rest of the world gives up on us, then we are screwed. If I was China, and I heard this crap coming from the VICE PRESIDENT....I'd be a little worried.

    Source(s): Maybe do a little reading about the Weimar Republic....it is an example of a failed Democracy, and we face many of the same problems they did.
  • 1 decade ago

    this is complete rubbish. how will spending money stop us from going bankrupt?

    if we go bankrupt then we will lose our house, cars and other important stuff and we won't be able to afford food or clothing so we will probably die from it.

    hope this helps xx :P

Still have questions? Get your answers by asking now.