Tumblr Icon RSS Icon

What You Can Get For The Price Of A Shutdown

By Bryce Covert on October 17, 2013 at 9:48 am

"What You Can Get For The Price Of A Shutdown"

Share:

google plus icon

Budget BattleThe shutdown may have ended when President Obama signed a deal late on Wednesday, but some of the consequences will stay with us. Standard & Poor’s has estimated that the shutdown cost the economy $24 billion.

That’s not a small amount of money. How does that stack up against other big expenditures? Here’s just a sampling of what else costs that much:

The topline figure may not take many other costs into account, such as loans that didn’t go out from the Small Business Administration, permits that got held up, and the loss of billions in tax revenue. Plus the government could still get a downgrade on its credit, which could ding business and consumer confidence and bring about more costs.

The shutdown was just the latest budget crisis that has been costly to the economy. A recent report found that the uncertainty created by fights over funding the government and raising the debt ceiling that have cropped up since 2010 has cost the economy nearly a million jobs.

‹ PREVIOUS
JP Morgan Pays $100 Million And Admits More Wrongdoing In ‘London Whale’ Fiasco

NEXT ›
American Neighborhoods Are Increasingly Segregated By Income

By clicking and submitting a comment I acknowledge the ThinkProgress Privacy Policy and agree to the ThinkProgress Terms of Use. I understand that my comments are also being governed by Facebook, Yahoo, AOL, or Hotmail’s Terms of Use and Privacy Policies as applicable, which can be found here.