Government shutdown could cost US economy billions of dollars a week, analysts says | US economy
Donald Trump’s management of the senior officials agreed that the closing of the federal government could harm the US economy before it ends. According to analysts, the damage may be worth billions of dollars every week.
US Treasury Secretary Scott Bessent said CNBC Financial News Network. “We could see a hit to GDP, a hit for growth and a hit to Working America.”
Failure to reach an agreement will be costly.
O Parthenon’s report, “Each closure week, the US GDP growth in the 4th quarter (annually) a 7 billion dollars per week, we estimate that it will turn into 7 billion dollars a week,” he said.
White House Note by the Council of Economic Consultants Obtained by Politico He suggested that the economic accuracy could be even greater, the closure predicts that the US Gross Domestic Product may result in a loss of $ 15 billion every week, and a closing closure resulted in a one -month closure, resulted in a 43,000 more unemployed workers.
The note estimates that the closure of a month will reduce consumer expenditures in the US $ 30 billion.
“CEA analysis shows that closure may have a wide range of economic effects that reduce American expectations through disruptions for lower growth, higher unemployment, social security, air travel and nutritional support for nutritional support for nutrition.” “These effects will concentrate on the longer the longer the closure lasts.”
O Parthenon analysis said that some of the damage would be balanced by furry workers and a recoil in activity after the government has been reopened, but will be warned about the permanent effect.
“Beyond the macroeconomic results, a closure will focus on financial markets and private sector trust,” he added. “Perhaps the most critical, it would delay the publication of basic economic data at a very important point for the economy-the fed policy makers, investors and business leaders, who wandered in an uncertain, data-dependent environment, will complicate the duties.”
The last government closure, which was a partial closure of 35 days from December 2018 to January 2019, Cost at least 11 billion dollars US economy, a permanent $ 3 billion loss0Fice according to the congress budget. The report did not include some indirect effects of closure, such as stopping federal permits and reducing access to loans.
