GOP Shutdown Cost U.S. $24 Billion, 0.6% GDP In Projected Growth

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1 - 20 of 21 Comments Last updated Oct 21, 2013
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Smart Liberal

Latham, NY

#1 Oct 16, 2013
The first federal government shutdown in 17 years, triggered by a Republican demand to defund the Affordable Care Act on Oct. 1, cost the U.S.$24 billion in potential economic activity -- equalling at least 0.6% of projected annualized fourth-quarter 2013 GDP growth, according to ratings agency Standard & Poor's.

Instead of the 3% annualized growth fourth quarter originally projected in September, S&P now forecasts actual fourth-quarter growth near 2%, the agency said in a press release:

As we've said, we expect the Senate deal to be approved. However, the current chatter coming out of Washington suggests that any continuing resolution will be a temporary one, with an early 2014 timeframe for the next set of Washington deadlines. The short turnaround for politicians to negotiate some sort of lasting deal will likely weigh on consumer confidence, especially among government workers that were furloughed. If people are afraid that the government policy brinkmanship will resurface again, and with it the risk of another shutdown or worse, they'll remain afraid to open up their checkbooks. That points to another Humbug holiday season.

Read more: http://talkingpointsmemo.com/livewire/s-p-shu...

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Arch on Larch

Detroit, MI

#3 Oct 16, 2013
Awful Truth wrote:
<quoted text>
Bahayyhahahhhh,burp,Idiiot!
The sad part is that is the most intelligent thing you've said in months.

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Awful Truth

United States

#5 Oct 16, 2013
Seems like all the tea party has left is personal insults.

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goose

Chicago, IL

#6 Oct 16, 2013
Not true. All the tea party has left is to pack their bags and go home and let the real patriots take over in Washington.

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oops

Saint Paul, MN

#7 Oct 16, 2013
goose wrote:
Not true. All the tea party has left is to pack their bags and go home and let the real patriots take over in Washington.
Responding to yourself again, troll. Wow, that has everyone fooled!

Speaking off off-topic insults, what thread may we visit to take in your "illiterate teabagging drunk racist" comments? Oh, that's right, any thread!

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Capt Crunch

Atlanta, GA

#8 Oct 16, 2013
Here's the truth for all you right wingers bent on flinging personal insults:

The first federal government shutdown in 17 years, triggered by a Republican demand to defund the Affordable Care Act on Oct. 1, cost the U.S.$24 billion in potential economic activity -- equalling at least 0.6% of projected annualized fourth-quarter 2013 GDP growth, according to ratings agency Standard & Poor's.

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oops

Saint Paul, MN

#9 Oct 16, 2013
Capt Crunch wrote:
Here's the truth for all you right wingers bent on flinging personal insults:
The first federal government shutdown in 17 years, triggered by a Republican demand to defund the Affordable Care Act on Oct. 1, cost the U.S.$24 billion in potential economic activity -- equalling at least 0.6% of projected annualized fourth-quarter 2013 GDP growth, according to ratings agency Standard & Poor's.
What's funny, is your thinking that anyone buys your crap. Talk about delusional!

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The Truth

Chicago, IL

#10 Oct 16, 2013
Yeah, that Standard and Poors is nothing but a marxist front group.

ROFLMAO!!!

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oops

Saint Paul, MN

#11 Oct 16, 2013
The Truth wrote:
Yeah, that Standard and Poors is nothing but a marxist front group.
ROFLMAO!!!
Huh?

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Bud

Saint Paul, MN

#14 Oct 17, 2013
Smart Liberal wrote:
The first federal government shutdown in 17 years, triggered by a Republican demand to defund the Affordable Care Act on Oct. 1, cost the U.S.$24 billion in potential economic activity -- equalling at least 0.6% of projected annualized fourth-quarter 2013 GDP growth, according to ratings agency Standard & Poor's.
Instead of the 3% annualized growth fourth quarter originally projected in September, S&P now forecasts actual fourth-quarter growth near 2%, the agency said in a press release:
As we've said, we expect the Senate deal to be approved. However, the current chatter coming out of Washington suggests that any continuing resolution will be a temporary one, with an early 2014 timeframe for the next set of Washington deadlines. The short turnaround for politicians to negotiate some sort of lasting deal will likely weigh on consumer confidence, especially among government workers that were furloughed. If people are afraid that the government policy brinkmanship will resurface again, and with it the risk of another shutdown or worse, they'll remain afraid to open up their checkbooks. That points to another Humbug holiday season.
Read more: http://talkingpointsmemo.com/livewire/s-p-shu...
I don't see any economic activity being effected by the shutdown. I see it as a win. Take the credit card away from Obama for a few days. It Can only help. Why would the federal government be the driver of economic activity? Sounds like BS to me.

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LIbEralS

Saint Paul, MN

#15 Oct 17, 2013
PLUS, the shutdown showed the nation how much of a Ventura like baby President Obama really is.

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Here in the Real World

Minneapolis, MN

#18 Oct 17, 2013
I think you have a basic misunderstanding of what happened and the financial affect. The government did not save any money by being partially closed for 16 days - rather, the shutdown cost the Federal government an ADDITIONAL $24 BILLION DOLLARS over what it would have cost if the government stayed open.

All Federal employees will get paid for the time the government was closed, plus there will be massive amounts of overtime to get most agencies caught up again.

As far as the effect on the economy, go look at what Standard and Poor's estimates the cost to America to have been, plus the growth rate slowed considerably.

So thank you, Republicans, for putting the US 24 billion further in debt for no reason at all, and thanks for once again putting the brakes on our economy.

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Schmahl Spew

Edmond, OK

#21 Oct 18, 2013
So the same GOP party that thinks it's fine to waste 24 billion dollars on a totally needless shutdown thinks that food stamps, which cost 77 billion annually, should be eliminated?

That certainly shows where Republican priorities are.
Arch on Larch

Detroit, MI

#22 Oct 18, 2013
The right wing rating fairies are out tonight.
Awful Truth

Lombard, IL

#24 Oct 20, 2013
Aren't these the same tea party people that rant and rave about cutting spending? And they wasted $24 billion of our money for nothing???
Smart Lib

Minneapolis, MN

#27 Oct 20, 2013
More GOP waste..
LIbEralS

Saint Paul, MN

#28 Oct 21, 2013
Smart Lib wrote:
More GOP waste..
Please, the liberal left defines the term waste.
barrys socialist world

Minneapolis, MN

#29 Oct 21, 2013
the sad part is that come Jan 15 2014, we will be right back with a govt shut down. The boy muslim needs to stop spending, govt can not be the largest employer in America, that is a disaster.
Smart Lib

Minneapolis, MN

#30 Oct 21, 2013
Watching Leno the other night after the shutdown was ended. The Leno how was a rerun and he was talking about the Government was talking about how to avert a shutdown.

The rerun was from before the shutdown but his monolog applied to after the sutdown because the Government is once again negotiating on how to prevent a Government shutdown.

Someone wants another shutdown so he can blame the GOP once again.
Smart Lib

Minneapolis, MN

#31 Oct 21, 2013
Leno rerun talked about Government negotiating to prevent a shutdown.

Here we are again negotiating to prevent a shutdown..

Government broken!!

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