Yellen is wrong. The U.S. doesn't always pay its bills

Mises.org's Ryan McMaken writes, "The media and Democratic politicians assure us that any default will bring about a second Great Depression and financial collapse.

One key component of this strategy is convincing people that the United States has never defaulted before, and has always made good on its financial obligations. This is key because it helps create the impression that were the United States to default, the result would a step into the great unknown, and a 'financial crisis and a calamity.'

“The US has never defaulted. Not once.” ~@SecYellen @WSJ

"Yet the United States government absolutely has defaulted on debts before—more than once." ~@ryanmcmaken @mises @jasonzweigwsj https://t.co/1f5kGVhuzl — Casey Carlisle (@UncleNap) September 29, 2021

This is likely (in part) why, in her September 19 column for the Wall Street Journal, Treasury secretary Janet Yellen repeatedly claims the US has never defaulted. 'The US has always paid its bills on time,' she insists, and then repeats the claim in the next paragraph: 'The US has never defaulted. Not once.'

Yet the United States government absolutely has defaulted on debts before—more than once."

Read the entire column.