Thursday, October 17, 2013

The Shutdown Cost $12 to $24 Billion?

The worst part is that money was wasted pretty much for no reason.

MacroEconomic Advisors estimates the shutdown cost the economy $12 billion. S&P used a broader forecasting model and estimates the 16-day shutdown cost the economy $24 billion, or about $1 million per minute. Since 2009, MacroEconomic Advisors estimates "fiscal uncertainty" -- debt-ceiling fights, shutdowns, threats of default, etc. -- have cost the economy $150 billion in lost output and 900,000 jobs. Gallup's Economic Confidence index suffered the largest drop since 2008 last week.

I think we should garnish the wages of Congress and all of their staffers until that money is paid back with interest. It would take like a 100 years but no matter. I still bristle that Congress was paid this entire time and 700,000 federal workers were not.  

No comments: