{"id":14379,"date":"2024-12-22T03:50:44","date_gmt":"2024-12-22T03:50:44","guid":{"rendered":"https:\/\/imsfund.com\/?p=14379"},"modified":"2024-12-22T03:50:44","modified_gmt":"2024-12-22T03:50:44","slug":"government-shutdown-could-cost-us-economy-6-billion-a-week","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2024\/12\/22\/government-shutdown-could-cost-us-economy-6-billion-a-week\/","title":{"rendered":"Government Shutdown Could Cost US Economy $6 Billion a Week"},"content":{"rendered":"


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A government shutdown is just hours away and lawmakers are scrambling<\/a> to come up with a plan. If Congress doesn’t agree on a measure, the shutdown goes into effect at 12:01 a.m. Saturday.<\/p>\n

Each year, Congress must pass a spending bill to keep the government running. That’s supposed to happen by Oct. 1<\/a>. Now, after continuing resolutions, Friday is the new deadline. Two measures have failed already<\/a>.<\/p>\n

Experts from EY tell Entrepreneur<\/i> that a government shutdown could leave “a visible mark on the economy.”<\/p>\n

“We estimate that each week of a government shutdown will cost the U.S. economy $6 billion,” says EY Chief Economist Gregory Daco.<\/p>\n

What services would be affected by a government shutdown?<\/h2>\n

A government shutdown would put a stop to most government agency activities, including the IRS. Though TSA officers and active-duty military will have paychecks delayed, they will stay on duty, reports CBS.<\/p>\n

National Parks and Smithsonian museums would close<\/a>\u2014just in time for the holidays.<\/p>\n

How does a government shutdown impact the U.S. economy?<\/h2>\n

A very brief shutdown would have a “negligible impact” on the economy, though as time goes on it grows significantly.<\/p>\n

On an annualized basis, a one-week furlough would cut $6 billion, or 0.1% off real GDP growth in Q4 (even though furloughed workers have always been paid retroactively), Daco says.<\/p>\n

“The 35-day government shutdown in early 2019 led to rising policy uncertainty,” he added.<\/p>\n

What services are not affected by a government shutdown?<\/h2>\n

Air traffic controllers, food safety inspectors, armed services, and the U.S. Postal Service would not be affected. Those services have separate funding, as does The Fed<\/a>.<\/p>\n

How many government shutdowns have there been?<\/h2>\n

There have been 20 shutdowns, with the longest being 35 days<\/a> between December 2018 and January 2019. At that time, 375,000 federal government employees were furloughed and another 425,000 workers were required to work without pay, per EY data.<\/p>\n<\/p><\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A government shutdown is just hours away and lawmakers are scrambling to come up with a plan. If Congress doesn’t agree on a measure, the shutdown goes into effect at 12:01 a.m. Saturday. Each year, Congress must pass a spending bill to keep the government running. That’s supposed to happen by Oct. 1. Now, after […]<\/p>\n","protected":false},"author":5,"featured_media":14380,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/assets.entrepreneur.com\/content\/3x2\/2000\/1734720075-US-Capitol-520117978.jpg?format=pjeg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-14379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/14379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=14379"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/14379\/revisions"}],"predecessor-version":[{"id":14381,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/14379\/revisions\/14381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/14380"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=14379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=14379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=14379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}