Genuine and self-anointed Washington-based experts vary a lot in their sound-bite assessments of what will happen if the government goes into default.

Team Armageddon say it would debase the dollar, force us to pay more for just about everything, derail the economic recovery and could plunge the world into a depression that would destabilize some already unstable governments, possibly leading to revolutions and war with neighboring countries.

Team Kamikaze says it would be a good thing (like the old-fashioned dose of cod liver oil), because it will backfire and politically destroy the idiots that caused it: the idiots are defined as Democrats (if you are a die-hard Republican), Republicans (if you are a die-hard Democrats), or all members of the House and Senate if you are like a growing number of American voters who wish the election was this Friday.

Team Been There Done That says the cavalry, as it always does, will arrive at the 11th hour, the crisis will be averted (for now) and we can resume worrying about something else or maybe revisit the idea of streamlining our national railroad program by using the Chinese – two trains, one track – system.

Of course the situation is serious, but just how serious hard to guess. Some of the experts have to be right, and some have to be wrong.

What is likely to happen is that federal and postal workers (and government retirees too) will be offered up as sacrifices to help cut costs. A lobbyist familiar with the negotiations thinks that the proposals outlined here Monday are still the centerpiece of proposed government cuts. If adopted, it would mean smaller cost of living adjustment for government retirees, higher health premiums, a continued federal pay freeze (but not for uniformed military personnel) and fewer people on the federal payroll.

So What’s Next? At 10 a.m. today we’ll talk with Federal Times editor Steve Watkins and senior reporter Steve Losey about the very latest on the debt ceiling nail-biter. What about a possible change in the retirement formula (high-3 to high-5)? Are health premiums part of the deal and if so, how? How can they change the inflation-measuring yardstick? What are the prospects of furloughs, layoffs and buyouts? Also on today’s show, we’ll speak with Mike MacDonald, regional vice president of National Air Traffic Controllers Association about the FAA furlough. Will furloughed FAA employees get back pay?

Listen if you can (1500 AM or online), and if you have questions for the experts – and these guys are for real – email them to me at mcausey@federalnewsradio.com. The show will be archived here.

NEARLY USELESS FACTOID

A group scientists at Hong Kong University of Science and Technology claim that recent research proves that time travel is impossible.

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