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The financial ratings agency Standard & Poor’s said that the 16 day government shutdown “to date has taken $24 billion out of the economy,” Do you agree with this dollar amount?

Asked by: bigdave
The financial ratings agency Standard & Poor’s said that the 16 day government shutdown “to date has taken $24 billion out of the economy,” Do you agree with this dollar amount?
  • With a margin of error, yes

    The S&P estimate is exactly that, an estimate. It's likely not spot on, but it's likely in the ballpark. The faith in the country dipped even further while people watched an idiot from Texas drag it into the ground for half a month and nobody being capable of stopping him. The shutdown hurt our reputation, it hurt our economy, and it was a very fitting display of how inept at playing like adults we currently are.

  • This dollar amount seems sufficient.

    The projected amount of money lost during the government shutdown is a veritable estimate. I would personally like a more extensive breakdown of just how this number was calculated though. They should also further state that these numbers are possible estimations, and therefore not concrete stats as to how much we actually did lose. They should also state how this was "taken out of the economy"; was it in lost sales? Hourly wages not earned because of shutdown? They should be more specific.

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bigdave says2013-11-07T06:38:15.320
SP reports "Government agencies have ether curtailed work or shuttered most operations. The result is that the Environmental Protection Agency, the National Transportation Agency, the Equal Employment Commission, and the Consumer Safety Commission cannot access or collect millions of dollars' worth of fines."

These fines can be collected later. Net cost = ZERO
bigdave says2013-11-07T06:39:58.467
SP reports "The Internal Revenue Service has suspended all audits. Additionally, it is not processing any tax refunds during the shutdown. That leaves individuals who were counting on refund checks to spend or invest out of luck" .

These items can be taken care of later. Net cost = ZERO
bigdave says2013-11-07T06:42:11.753
SP reports "All 59 U.S. National parks are closed. Also shut are heavily visited sites including the National Zoo, the Smithsonian, Independence Hall in Philadelphia, and Alcatraz in San Francisco. That means all are not collecting admission fees."

But National Parks is a cost center not a revenue center ( i.E. The cost of manning the parks is greater than the revenue).

Net cost = ZERO