Economy Government Shutdown Jobs

GOP Government Shutdown Cost 120,000 Jobs

According to Jason Furman, the head of the Council of Economic Advisers, the GOP Government Shutdown likely cost the economy 120,000 jobs across multiple sectors.

via Bloomberg

The partial government shutdown this month trimmed 0.25 percentage point from fourth-quarter economic growth and cost the U.S. 120,000 jobs in October, President Barack Obama’s chief economic adviser said.

An analysis of daily and weekly economic data through Oct. 12 showed weakness in such areas as retail sales, economic confidence and mortgage applications, some of which was directly related to the 16-day shutdown.

Unfortunately, as the Bloomberg report points out, this may be a conservative number. Other economists have projected that the shutdown would cut as much as 0.5 percent off fourth quarter GDP.

The White House figures “may prove to be a little bit conservative,” said Russell Price, senior economist at Ameriprise Financial Inc. (AMP) in Detroit. He forecast the shutdown would shave as much as 0.5 percentage point from fourth-quarter gross domestic product.

It may be some time before we fully grasp the cost of the GOP Government Shutdown, however we do know that the sacrifice of these people was more or less in vain.

Ultimately congressional Republicans weren’t able to extract any major concessions to reopen the federal government, meaning tens of thousands of people, possibly even 120,000, paid a high price for nothing.

  • LTanya Spearman

    And yet, these T-Billies are gearing up for fake trials and investigations on the evils of ACA.. And no one is adding up how much is this going to $$$ cost the country.. On top of the $$$ cost of the shutdown…

  • Badgerite

    Yeah. They are all about ‘JOBS’. Emphasis on the BS part. They see a bad economy as the best method for attacking the Democrats and President Obama so they are handling the budget through their control of the House in a way that serves as a drag on recovery. Without that, what issue do they have. Answer. None.

  • mrbrink

    Conservatism can’t win without hurting a lot of people, it’s in the pamphlet. Every single policy they concoct has a sadistic element to it.

    “Cut until it bleeds!” as they say.

    “Drown them all in a bathtub!” like the most maniacal, post-apocalyptic-ish mass-baptismal ever conceived. This is their jumping off point for any negotiation.

    But ‘both sides’ need to be thrown out of office, evidently, “all of them!” because a lot of ignorant, prejudiced, entitled, malnourished, overworked and over-caffeinated white people sitting in soul-sucking traffic all day are fed up! and they are fed up with paying for their minimal survival with increased fees and fines that are quietly paying for the millionaires and billionaires to continue slashing hours and wages and benefits and running off with their ever-diminishing wealth income and rights protections. White people wouldn’t let this happen to other white people, so it must be this president’s fault, the obvious ‘other’, right? for making all these upstanding capitalists so irrational and vindictive because they’ve just never seen this much hostility in this country toward wealthy white people and their fanny packs.

    Obamaphobes are like the new homophobes. They’re fighting natural instincts of good will toward men, women, and children. They’re being punished by a cruel, greedy, and vindictive corporate empire every day of their lives, with minimal daily relief. They’re just paying their rotten abuses forward it seems. Whole sectors of society working 60 hours a week barely hanging on to the tiniest moments of dwindling happiness, security, and spiritual affirmation. The costs of living just keeps piling on and the hours are more and more exhausting. There must be something in the water. We all used to have more energy for the grind. What changed? How did Red Bull and 4-Hour energy shots become such necessities? Did the grind change? Or is our nervous system being manipulated by the government? Let the conspiracy theories fly. But forget the obvious link between corporate cruelty and wealth hoarding and higher costs of living for the majority of the population. Mass-distraction marketing has allowed these moral crimes to subsist on peoples’ fears and prejudices. But quite honestly, I think there are a lot of people who are too proud and insecure, too beaten down by relentless conflict and cynicism from the right wing outrage machine to admit that they are attracted to President Obama’s smile and bare-chested common sense policies. Damn those dreamy expansion of healthcare eyes! Look away! Stop staring at his firm, well-rounded budget priorities, and those athletic arms and shoulders carrying the global economy through the minefield of waste and fraud and political sabotage. People might say you’re “gay!”

    You ever try to make some waves in a conversation with so-called Independents and conservatives and say something supportive of the president you are likely to be Obama-bashed. It’s kind of like being gay-bashed without actually being gay. But the sentiment is the same.

    You try to make waves, they make tsunamis. I think a lot of troubled people are tired of swimming with the current. So exhausted by the going under and coming up for air that the thought of being drowned in a bathtub by rich white men sounds like better odds to them.

  • js hooper

    Let’s see if this gets as much media attention and screeching headlines as glitches on a website. If the media reports on this it will be spun as “both sides” at fault. SMH

  • Draxiar

    Oh but it brought attention to the debt and the deficit and out of control government spending by President Blackenstein who is just trying to make all of America a welfare state and blah blah blah ra ba ba something something marble mouthed blah blah bullshit.

    It’s astounding to me that Republicans still tout fiscal responsibility even though the CBO plants the responsibility of the “out of control spending” and the debt squarely on the back of Bush era policies. where were these fucktards then?

    • D_C_Wilson

      Screaming “Treason!!!” at anyone who criticized Bush.

    • David Latona

      There’s not a single quality that spells out Republican like good ole’ hypocrisy. Sure, there are hypocrites in every walk of life, but no one can master the ‘spout one type of bullshit and immediately act in the most contradictory manner possible’ as well as the GOPers. They trade their goddamn ‘policy positions’ (ha!) like fuckin’ penny-apiece baseball cards, and never, ever blush even a smidgen about it.

      • Draxiar

        Which should lend pause to anyone that looks beyond the (R) in front of a name and questions what, if any, convictions these people have. I’m not talking about compromise here I’m talking about ignoring facts to suit an agenda.