美国国家公共电台 NPR--3 ways to protect your money if the U.S. defaults on its debt

3 ways to protect your money if the U.S. defaults on its debt

Transcript¹

If the U.S. defaults on its debt, the fallout could be huge for Americans.

And not just for retirees who may not get Social Security payments on time, or military veterans who may have trouble accessing benefits, or federal employees and contractors² who may see a lag in payments owed to them. The cost of borrowing money would soar, making it harder for everyone to buy homes, cars, or pay off credit card debts.

It could make things worse for families at a time when many are already under financial strain. Inflation remains³ high, and Americans have racked up almost $1 trillion in credit card debt. That's up 17% from a year ago, according to the Federal Reserve Bank of New York.

The Treasury⁴ Department says Congress has until June 1 to raise the federal debt limit. With negotiations⁵ still going and time running out, here are some ways to prepare your finances for a worst-case debt default scenario⁶.

Tried and true basics

"We're advising people to prepare for a potential default as you would for an impending⁷ recession," says Anna Helhoski of NerdWallet.

That means tamping⁸ down on excess spending, making a budget, and shoring up emergency savings⁹ to cover at least three months of living expenses.

Since a debt default would likely send interest rates soaring, any credit card debt you're saddled with may soon cost you more. Personal finance experts advise paying off those debts with the highest interest rates as quickly as possible.

While tightening¹⁰ finances, you may find that keeping up with car payments or a home mortgage will become a struggle. Helhoski recommends reaching out to lenders early to discuss any options for lowering payments, adding that the U.S. Department of Housing and Urban Development has "housing counselors¹¹ who can also help homeowners explore any alternatives to delinquency and anything that would have long lasting¹² impacts on their credit."

Don't panic

The stock market will certainly take a hit if the U.S. defaults on its debt. At moments, the losses could seem significant to anyone with investments or retirement¹³ accounts.

But for those with diversified¹⁴ portfolios¹⁵ who aren't nearing retirement, investment experts advise that you stay the course.

"Fight your worst instinct to act on the news," says Teresa Ghilarducci, labor¹⁶ economist¹⁷ and retirement security expert at The New School. "All the academic research shows that if you buy and hold, you will do so much better than if you try to follow market trends, whether that be responding to an economic crisis or a recession."

Historically, markets have roared back after major declines. Stocks rebounded¹⁸ following the Arab oil embargo¹⁹ in the 1970s, Black Monday in the '80s, the dot-com bubble of the early aughts, and certainly the 2008 financial crisis, according to an analysis by MFS Investment Management of market recoveries dating back to the Great Depression.

Act fast, or postpone²⁰ big purchases

If you're in the market for a new car or home, what you can afford today may be well beyond reach in a matter of weeks. It may be wise to close that deal on a new car now. And make sure your interest rate is locked in, if you are working towards closing on a home.

Real estate website Zillow estimates mortgage rates could reach 8.4% in the event of a default, which would send a chill through a housing market already on ice thanks to the interest rate hikes of the last year.

"You'll see a dramatic drop in buyers and when that happens, then you're going to see property prices fall, a halt on different construction and home improvement projects," says Artin Babayan, a home loan officer based in Los Angeles.

By some estimates, housing activity accounts for nearly a fifth of the U.S. economy. A stall in the real-estate market would reverberate²¹, Babayan notes.

"I think it'll really screw up the economy," he adds.

1 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。

2 contractors   

n.（建筑、监造中的）承包人( contractor的名词复数 )

参考例句：

• We got estimates from three different contractors before accepting the lowest. 我们得到3个承包商的报价后，接受了最低的报价。 来自《简明英汉词典》
• Contractors winning construction jobs had to kick back 2 per cent of the contract price to the mafia. 赢得建筑工作的承包商得抽出合同价格的百分之二的回扣给黑手党。 来自《简明英汉词典》

3 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

4 treasury   

n.宝库；国库，金库；文库

参考例句：

• The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
• This book is a treasury of useful information.这本书是有价值的信息宝库。

5 negotiations   

协商( negotiation的名词复数 )； 谈判； 完成（难事）； 通过

参考例句：

• negotiations for a durable peace 为持久和平而进行的谈判
• Negotiations have failed to establish any middle ground. 谈判未能达成任何妥协。

6 scenario   

n.剧本，脚本；概要

参考例句：

• But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
• This is a totally different scenario.这是完全不同的剧本。

7 impending   

a.imminent, about to come or happen

参考例句：

• Against a background of impending famine, heavy fighting took place. 即将发生饥荒之时，严重的战乱爆发了。
• The king convoke parliament to cope with the impending danger. 国王召开国会以应付迫近眉睫的危险。

8 tamping   

n.填塞物，捣紧v.捣固( tamp的现在分词 )；填充；（用炮泥）封炮眼口；夯实

参考例句：

• The foundation becomes solid after tamping. 打夯以后，地基就瓷实了。 来自《现代汉英综合大词典》
• Practical construction shows that equal energy, equal deformation tamping a. 等能量、等变形夯扩挤密矸石桩是一种地基加固新技术。 来自互联网

9 savings   

n.存款，储蓄

参考例句：

• I can't afford the vacation,for it would eat up my savings.我度不起假，那样会把我的积蓄用光的。
• By this time he had used up all his savings.到这时，他的存款已全部用完。

10 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

11 counselors   

n.顾问( counselor的名词复数 )；律师；（使馆等的）参赞；（协助学生解决问题的）指导老师

参考例句：

• Counselors began an inquiry into industrial needs. 顾问们开始调查工业方面的需要。 来自《现代英汉综合大词典》
• We have experienced counselors available day and night. ) 这里有经验的法律顾问全天候值班。） 来自超越目标英语 第4册

12 lasting   

adj.永久的，永恒的；vbl.持续，维持

参考例句：

• The lasting war debased the value of the dollar.持久的战争使美元贬值。
• We hope for a lasting settlement of all these troubles.我们希望这些纠纷能获得永久的解决。

13 retirement   

n.退休，退职

参考例句：

• She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
• I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。

14 diversified   

adj.多样化的，多种经营的v.使多样化，多样化( diversify的过去式和过去分词 )；进入新的商业领域

参考例句：

• The college biology department has diversified by adding new courses in biotechnology. 该学院生物系通过增加生物技术方面的新课程而变得多样化。 来自《简明英汉词典》
• Take grain as the key link, develop a diversified economy and ensure an all-round development. 以粮为纲，多种经营，全面发展。 来自《现代汉英综合大词典》

15 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

16 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

17 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

18 rebounded   

弹回( rebound的过去式和过去分词 )； 反弹； 产生反作用； 未能奏效

参考例句：

• The ball rebounded from the goalpost and Owen headed it in. 球从门柱弹回，欧文头球将球攻进。
• The ball rebounded from his racket into the net. 球从他的球拍上弹回网中。

19 embargo   

n.禁运（令）；vt.对...实行禁运，禁止（通商）

参考例句：

• This country put an oil embargo on an enemy country.该国对敌国实行石油禁运。
• During the war,they laid an embargo on commerce with enemy countries.在战争期间，他们禁止与敌国通商。

20 postpone   

v.延期，推迟

参考例句：

• I shall postpone making a decision till I learn full particulars.在未获悉详情之前我得从缓作出决定。
• She decided to postpone the converastion for that evening.她决定当天晚上把谈话搁一搁。

21 reverberate   

v.使回响，使反响

参考例句：

• The decision will reverberate and will jar the country.这项决定将引起反响并震撼这个国家。
• Echoes of cries of pain reverberate in my hear.痛苦呼喊的一遍遍的在我的心中回响。