You hear it everywhere: 'The U.S. has never defaulted on its debt.' But that's not true.
Illustration: Natalie Peeples/AxiosIt’s not true. By the most basic definition of default — not making agreed-upon payments to those you owe — the U.S. has indeed defaulted, arguably on multiple occasions.The talking point on the pristine U.S. credit record is a key bit of rhetoric for those arguing that not raising the debt ceiling — which would ultimately mean missing payments the government owes — represents an unprecedented economic risk.
"In our history, we have never defaulted on our debt or failed to pay our bills," White House press secretary Karine Jean-Pierre said in April. "Since the United States has never defaulted on its debt, no one knows exactly how bad the financial carnage would be if it did," theThere have been at least three, admittedly distant, times when the U.S. failed to keep its financial word.
1814: Amid war with the British, the Treasury couldn't come up with the scratch to service its debts, with Treasury Secretary Alexander J. Dallas admitting, "the dividend on the funded debt has not been punctually paid; a large amount of treasury notes has already been dishonored." 1933-34: President Franklin D. Roosevelt's refusal to repay Treasury bondholders with gold, as agreed to when the securities were sold, represents an abrogation of the contract that certainly qualifies as a default., citing issues with computer technology. Investors were repaid, with interest.What might be truthier for government figures to say is not that the U.S.
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