“It’s different this time.” It’s funny how I say the same phrase every time there’s a very scary economic event, no matter how many times I’ve already seen a very similar, very scary economic event. I don’t think I’m alone.
As you know, the debt ceiling or debt limit is a legislative limit on the amount of national debt that can be incurred by the U.S. Treasury, thus limiting how much money the federal government may pay on the debt it already borrowed by borrowing more money.
Once again, the US is on the verge of hitting the debt ceiling. And once again, panic has ensued. What I dislike the most about times like this is that people really do suffer. Paychecks can be delayed, services can cease, and financial stress really can take its toll.
In the next few weeks we should hit the ceiling, and you’re likely to see/hear the manifestation of the chaos throughout your workforce. Do your best to keep calm, and to be sensitive to how your coworkers might be affected by these challenges. Remember, sometimes it’s the people your people share finances with, which are the catalyst of financial stress.