The U.S. Capitol building in Washington, on July 12, 2023. (Jemal Countess/Getty Images) There are hundreds of headlines all over the news warning of the negative impact of a government shutdown. The negative impact on GDP, according to Bloomberg, is estimated at 0.5 percent of the quarterly annualized rate if the shutdown lasts for two weeks. Clearly, that is an annualized rate, not the overall hit. The last government shutdown lasted between Dec. 22, 2018, and Jan. 20, 2019, and the United States economy still grew at a 2.2 percent rate.
The Biden administration has signed a stopgap bill to prevent a government shutdown and fund the expenditures for up to 45 days if there is no agreement. However, the entire debate is created around the monumental crisis that a shutdown would generate instead of focusing on the cause: excessive deficit spending and soaring public debt.
Government shutdowns, like debt-ceiling negotiations, […]
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