Thursday, June 20, 2024
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US Crashes Into a $31.4 Trillion Debt Ceiling: What Does This Mean for Our Wellness?

The recent news that the US has crashed into a $31.4 trillion debt ceiling is an alarming reminder of just how serious our national financial situation is. The Treasury Department must now use “extraordinary measures” to prevent defaulting on its debts, which could lead to an economic crisis of unprecedented proportions. To this end, the Treasury has suspended reinvestments into government funds for retired federal employees and sold existing investments in these funds–a move which can only be expected to last until early June 2021 when lawmakers must reach some kind of agreement in order to raise the debt ceiling once more.

Though this may seem like a distant problem with little relevance to everyday life, it could have dire consequences for our overall wellness should default on its debt come to pass. In 2011, during another standoff regarding the debt ceiling, the US faced its very first credit downgrade ever, leading to plummeting stock markets and increased borrowing costs that impacted companies as well as individuals alike. Not only did this predicament make it harder to sign important contracts or save money through investments; businesses had less capital available for longer-term projects that would create jobs and boost economic growth.

On top of this, not being able to pay off one’s debts can take an emotional toll on people who are already looking at difficult situations financially–many of whom may already be suffering from stress and anxiety related to their financial state. With the current situation still unresolved, those with limited means may start feeling overwhelmed by all of the uncertainty surrounding them and find themselves unable to cope with daily tasks or find solace in activities they used to enjoy prior to their current hardship.

Ultimately, preventing a potential financial disaster begins with everyone doing what they can within their means–from lawmakers making rational decisions about spending and cutting costs where possible, all the way down to individual households getting creative with saving strategies and partaking in activities that don’t require large expenses such as taking nature walks or volunteering at local organizations (which also has further benefits beyond simply avoiding excess expenditure). Such mindfulness practices have been proven time and time again not only to make us feel better but also to help reduce our stress levels so we can better face whatever comes our way.

So while news of crashing into a $31.4 trillion debt ceiling can be daunting indeed, it’s important not to forget that there are still many things within our power that we can do today in order to ensure wellness both now and later on if things do go south financially speaking. An ounce of prevention really is worth more than a pound of cure after all!