REPORT: Shutdown’s economic damage: $1 billion a week

JANUARY 9, 2019

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As the most reliable and balanced news aggregation service on the internet, DML News offers the following information published by Politico:

As federal workers face the prospect of missed paychecks during the partial government shutdown, their financial reality is rippling out into the broader economy.

The roughly 800,000 government employees who are either furloughed or working without pay will be forced to start slashing their consumer spending when paychecks don’t appear this week. Private-sector contractors and other workers tied to the government are already seeing damage from lost business.

The article goes on to state the following:

And a hit to the nation’s financial standing is on the horizon with a warning from Fitch Ratings on Wednesday about downgrading the government’s credit rating if the shutdown persists.

Estimates from President Donald Trump’s chief economist peg the cost to the overall U.S. economy at about $1.2 billion for each week the shutdown persists. While that’s just 0.05 percentage points off the GDP growth rate, it could be among the factors complicating the administration’s aspiration of reaching sustained 3 percent growth.

To get more information about this article, please visit Politico. To weigh in, leave a comment below.

2 Comments

  1. Robert January 9th, 2019 at 8:28 pm

    To build the Wall would cost $12 billion usd estimate from Fisher Sand & gravel.
    Use the $14 billion that the government took from the Mexican Drug Cartels. The Wall gets built and Mexico paid for it. Problem solved.

    Reply

  2. Ken G January 10th, 2019 at 9:45 am

    So come on Chuck and Nancy give the President the money!

    Reply

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