The US government shutdown on Saturday became the longest in history and is taking a growing bite out of the world's largest economy with each passing day, economists say. While most of the 21 "lapses" in government spending since 1976 left barely a scratch on economic growth, the length of this shutdown makes it harder to say just how bad the impact could get. "It's not a hard stretch to say that initially it's smaller and then it expands, the pain starts to widen," Beth Ann Bovino, chief US economist at S&P Global Ratings, told AFP. "Think of it as a butterfly effect." With about a quarter of the federal workforce affected, the shutdown is currently squeezing an estimated USD 1.2 billion a week out of the economy, Bovino said, but that figure could grow if it drags on. At the current rate, within two weeks it will have cost America more than the USD 5.7 billion US President Donald Trump is demanding for a wall on the border with Mexico, the dispute with Congress that led to the .
from Latest News http://bit.ly/2VNUgLT
https://ift.tt/eA8V8J http://bit.ly/2SdCH5P
Home
Business
Business News
Business Standard
Latest News
US shutdown becomes longest in history; sends economy into uncharted waters
Sunday, January 13, 2019
Related Posts:
Rs 5 packs a punch in fast-moving snacksGrowing at a healthy double-digit rate, snacks has emerged as one of t… Read More
Sachin Bansal in talks for stake in micro fin co“Bansal is also talking to other small shareholders in the company to … Read More
Uber cautions on profitability in IPO filingThe filing with the US Securities and Exchange Commission revealed Ube… Read More
Bengaluru is largest office market in Asia-PacificIndia’s Silicon Valley absorbed 11.6 million sqft of office space last… Read More
0 comments: