“‘At some point, holders of Treasury securities are going to recognize that these unfunded liabilities are going to affect the fiscal capabilities of the government and then you’re going to have the same situation that happened in Greece happening in the U.S.,’ says Jeffrey Rogers Hummel, who is a professor of economics at San Jose State University and the author of a recent paper on the consequences of a U.S. government default. ‘In the short run it’s going to be painful, but in the long run it’ll be a good thing.'”

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