Government Shutdown

The National Park service's Richard Trott places a sign barring visitors to the Lincoln Memorial in Washington, October 1, 2013, because of the government shutdown. (PHOTO: PUBLIC DOMAIN)

We are only beginning to determine the damage caused by the government shutdown that just ended. According the NBC News:

  • “The loss of government services during the three-week shutdown will take a roughly $3.1 billion bite [10+9] out of gross domestic product, according to economists at IHS Global Insight. That represents just the hit from lost government services.
  • “The shutdown also forced non-government business losses, temporary layoffs and other interruptions in business spending. The full extent of the damage won’t be known for some time. Economists at Standard & Poor’s estimate the total cost at about $24 billion [10+10], or a 0.6 percent GDP haircut. Others guess it’s about half that. Either way, it’s a heavy price to pay.
  • “Then there’s the loss in U.S. economic prestige, which is also hard to gauge [who can say what power of ten this would fall under?], but keeps getting whittled away every time Washington goes into gridlock over spending.”
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