Oct 22, 2013 | by Franck Cushner, CFP®
According to Standard & Poor’s latest research, an estimated $24 billion was lost from the U.S. Economy over the 16-day Government hiatus. As per TIME, some of the estimated economic costs of the Shut Down are as followed:
The Shut Down also stalled small business loans, and furloughed government workers. Although most government workers will receive their lost pay, government contracts will most likely take a loss. Under the current stipulations of the agreement to re-open the government, government workers are only guaranteed pay through January 15, 2014. This will lead to forced savings by the workers, and will potentially lead to a decline in the near future’s GDP growth.
This leads to one of the bigger issues that came of the shut down; the concern about the future of the economy with the raised debt ceiling, and projected decline in the GDP growth of .6% from 3% to 2.4%.
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