The Current Government shutdown down which began in early October, is now being said could last until Thanksgiving. If that is the case, it would become the longest in US history. The shutdown stems from political disagreements over spending and health care funding. It is said that approximately 0.1%-0.2% is lost weekly. The white house is advising that if this keeps up, there will be projected losses between 15-30 billion in consumer spending if closure continues.
The Shutdown is not only hitting consumers but also federal workers, contractors, and the travel sector the hardest. This is only delaying critical economic data and eroding public and business confidence within the US market. Although some of these conditions may be temporary, there may still be lasting economic damage. This could lead to layoffs, and potentially, government programs will be permanently disrupted.
3 comments:
it will be interesting to see how long the government shutdown lasts and what kind of consequence this has on government employees. I have not really done much research on the government shutdown and really thought it would be something that only lasted a week.
It is crazy to think that the government shutdown could last over two months. I saw something that said the White House has not commented on the shutdown and they won't until it passes.
It is crazy how much this shutdown is already affecting people and the economy. If it continues through Thanksgiving it could hurt more workers and businesses way more than anyone expected.
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