Commentary: WASHINGTON, D.C. – Joint Economic Committee Democrats today released a report on the economic costs of a federal government shutdown. As witnessed in October 2013, a shutdown would slow economic growth, increase uncertainty for business and people who rely on public services or are awaiting a tax refund, and potentially trigger job losses across the economy.
The 2013 shutdown resulted in an estimated loss of $24 billion from the economy. Shutting down the government could also negatively impact gross domestic product (GDP) growth. The lost output from federal employees who could not work during the 2013 shutdown resulted in a real GDP growth 0.3 percent lower ($12 billion) than it would have been.
A shutdown would further add to the growing uncertainty among businesses, investors, Americans and people in countries around the globe about whether the Trump Administration and Republicans in Congress are capable of effectively governing the country.
Read more highlights from the report here.