{"id":2252,"date":"2013-10-03T10:38:33","date_gmt":"2013-10-03T16:38:33","guid":{"rendered":"http:\/\/peaceeconomyproject.org\/wordpress\/?p=2252"},"modified":"2013-10-03T10:38:33","modified_gmt":"2013-10-03T16:38:33","slug":"the-government-shutdown-could-cost-300-million-per-day","status":"publish","type":"post","link":"https:\/\/peaceeconomyproject.org\/wordpress\/the-government-shutdown-could-cost-300-million-per-day\/","title":{"rendered":"The Government Shutdown Could Cost $300 Million Per Day"},"content":{"rendered":"

by\u00a0Jillian Berman<\/a>, The Huffington Post
\nclick here for original article<\/a><\/p>\n

The price of political incompetence? About $300 million per day.<\/p>\n

That\u2019s how much a\u00a0government shutdown will cost the U.S.<\/a>\u00a0in lost economic output, according to an analysis from IHS Global Insight. As Bloomberg notes, that\u2019s less than a fraction of a percent of\u00a0nation\u2019s $15.7 trillion economy<\/a>, but it\u2019s not an insignificant amount of money.<\/p>\n

To put that in perspective: $300 million is about what Beyonc\u00e9\u00a0is worth<\/a>. It’s also about equal to the cost of\u00a065.8 million Big Macs<\/a>, the profits from the first\u00a0Hunger Games movie<\/a>\u00a0and about $50 million less than\u00a0Amazon CEO Jeff Bezos paid for The Washington Post<\/a>\u00a0earlier this year.<\/p>\n

And while Congressional paralysis eats away at the economy, as many as 800,000 federal workers may lose their paychecks while those responsible for the shutdown will keep\u00a0earning their cozy salaries<\/a>.<\/p>\n

Congress\u00a0failed to pass a continuing resolution early Tuesday morning<\/a>\u00a0to temporarily fund the government as House Republicans insisted the bill include provisions that would delay portions of President Obama\u2019s health care reform law, which\u00a0launches today<\/a>. Senate Democrats refused to pass any proposals that would threaten Obamacare. As a result,\u00a0non-essential federal workers are off the job<\/a>\u00a0and national parks, NASA and other agencies are pretty much closed.<\/p>\n

If the shutdown lasts for longer than a few days, the U.S. could face major economic consequences. IHS economists say they\u2019ll reduce their forecast for\u00a0fourth quarter economic growth from 2.2 percent to 2 percent<\/a>\u00a0if the shutdown lasts for more than a week. The Office of Management and Budget found the two major shutdowns in the 1990s cost the\u00a0government about $1.4 billion or $2 billion<\/a>\u00a0in today\u2019s inflation-adjusted dollars, according to the Washington Post\u2019s Ezra Klein.<\/p>\n

And that\u2019s likely a conservative estimate. The\u00a0CBO figures leave out<\/a>\u00a0things like the slower pace of IRS audits, national parks\u2019 missed revenue and the possibility that government contractors could increase their fees as a result of the uncertainty, according to WaPo.<\/p>\n","protected":false},"excerpt":{"rendered":"

by\u00a0Jillian Berman, The Huffington Post click here for original article The price of political incompetence? About $300 million per day. That\u2019s how much a\u00a0government shutdown will cost the U.S.\u00a0in lost economic output, according to an analysis from IHS Global Insight. As Bloomberg notes, that\u2019s less than a fraction of a percent of\u00a0nation\u2019s $15.7 trillion economy, […]<\/p>\n","protected":false},"author":1,"featured_media":2253,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[8],"tags":[177],"class_list":["post-2252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-government-shutdown"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t