How and Why a U.S. Sovereign Debt Crisis Could Occur

Peter J. Wallison

Econ Journal Watch, 2012, vol. 9, issue 1, 71-77

Abstract: A U.S. sovereign debt crisis is a remote possibility, but in our increasingly fragile system it could be triggered by a number of financial catastrophes—​from a chaotic break-up of the Euro system to something as adventitious as a serious earthquake in California. The most likely source of a U.S. sovereign debt crisis, however, is a failure of the U.S. political system to address the growth of the major entitlement programs—Social Security, Medicare and Medicaid. That possibility is discussed in this paper.

Keywords: sovereign debt crisis; financial crisis (search for similar items in EconPapers)
JEL-codes: G01 H63 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:ejw:journl:v:9:y:2012:i:1:p:71-77

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