And so for no reason other than that, there was a political stunt pulled off in Washington. We would have defaulted on the national debt, interest rates would have gone up. You know, Economic activity stalls when interest rates go up. They have now. And as a result, the American economy would go into a deep recession, if not a depression, and the world economy would do the same thing. (08:15–08:20)
CLAIM
Asserts that higher interest rates negatively impact economic activity.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
