GOP Government Shutdown Has Cost $1.6...

GOP Government Shutdown Has Cost $1.6 Billion So Far

Posted in the Minneapolis Forum

digger

Jacksonville, FL

#1 Oct 8, 2013
The government shutdown that started last Tuesday has already cost $1.6 billion in lost economic output, according to market research firm IHS Inc.

Should the shutdown last through October 9, the total will come to $2 billion. That’s equivalent to the cost so far of the “biblical” flooding that has ravaged Colorado. If it lasts three to four weeks, Moody’s has estimated that the total cost to the economy could come to $55 billion. The shutdown could reduce economic output by 1.4 percent.
The daily average cost of the shutdown has dropped to $160 million, from $300 million at the start of the crisis.

The total cost can be broken down into a variety of factors. Federal spending was expected to be reduced by about $8 billion, which could save 0.8 percent off of GDP. The original furlough of 800,000 government workers was sucking about $1 billion a week from the economy in lost pay, although fewer workers remain furloughed today. The government stands to lose out on billions in tax revenue, and all told the shutdown is expected to increase the deficit. There are many other factors that could impact the economy but haven’t been tallied up, such as government contracts put on hold, loans that aren’t going out from the Small Business Administration, and permits that won’t be granted.

Other important programs that support the neediest, like the nutrition program for low-income mothers and infants and the job training programs that are part of food stamps, aren’t getting any federal money in the shutdown.

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LIbEralS

Saint Paul, MN

#6 Oct 12, 2013
The total cost of the shutdown is going to be pretty small compare to what Obamacare is going to cost us.

Since: Jul 10

Minneapolis, MN

#7 Oct 12, 2013
This is NOT the first time our govt has shut down. Nor will it be the last one.
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At least SEVENTEEN previous times our Federal govt has shut down since the mid 1970s. This makes this one the EIGHTEENTH time.
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The only reason this one is getting the hoopla. Is one has to wonder how many 'stuffed' desk jobs aka make work jobs were created for governmental employees. In order to get folks to have a job just to bring home a check..
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At least one of these do have charts on when the various shutdowns have occurred.
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http://firstread.nbcnews.com/_news/2011/04/08... In official parlance, they’re called “spending gaps,” a term the experts prefer to “government shutdown,” because the government doesn’t fully shut down. They’ve been imposed 17 times since 1976, the year Congress began its revised budgeting process.
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http://blogs.lse.ac.uk/usappblog/2013/10/09/p... A deep political divide in Congress has triggered the 18th government shutdown in US history. Is this one any different? To answer this, we need to be able to measure how “bad” this shutdown is relative to previous ones. One way to quantify the magnitude of the effects of a shutdown is to analyze the size and evolution of political polarization.
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As for who to blame. I would have to say BOTH parties are to blame. Not just one.

“We have 545 traitors.”

Since: May 11

Parts Unknown

#8 Oct 13, 2013
Isn't anyone else alarmed at the fact that our economy is so reliant on our nanny government that 800,000 people (around 16,000 per state) not working for a couple of weeks costs us billions of dollars?!

This country is DOOMED.

Since: Sep 11

Rogers, MN

#12 Oct 15, 2013
Blern wrote:
Isn't anyone else alarmed at the fact that our economy is so reliant on our nanny government that 800,000 people (around 16,000 per state) not working for a couple of weeks costs us billions of dollars?!
This country is DOOMED.
Welcome to the soon to be United States of Huxley and Orwell.

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