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Thread: Shutdown's damage to economy could exceed $5.7 billion cost of Trump's border wall

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    Default Shutdown's damage to economy could exceed $5.7 billion cost of Trump's border wall

    The government shutdown -- the longest in U.S. history -- is estimated in 31 days to have cost the American economy almost as much as the $5.7 billion President Trump has demanded for his proposed southern border wall.

    Average weekly direct and indirect costs of the partial shutdown, which began Dec. 22, currently add up to $1.2 billion, according to Beth Ann Bovino, S&P Global's U.S. chief economist. Monday marked the start of the shutdown's fifth week, and the closure will have caused roughly $6 billion in damage to the economy if the government does not reopen by the end of the week, Bovino estimated in a recent research note.

    And the average weekly cost of the shutdown is expected to grow as the damage to industries and consumers both widens and deepens. "The longer this shutdown drags on, the more collateral damage the economy will suffer," Bovino wrote.

    Direct effects of the marathon shutdown include lost productivity from the hundreds of thousands of furloughed workers who haven't been paid since the Dec. 22 closure. While the precise impact has not been calculated, the Bureau of Economic Analysis estimates that federal employees' lost hours during a 16-day shutdown back in October 2013 reduced fourth-quarter GDP by 0.3 percentage points.

    "As in previous shutdowns, the productivity lost from furloughed government workers will never be regained. In real terms, GDP will be lower since no 'product' was created," the S&P Global note said.

    Federal workers will be compensated when the government reopens, but workers in the roughly 4 million private-sector jobs that depend on the federal government won't receive back pay, according to Capital Economics.

    The longer the shutdown extends, the more grave its impact could be if it starts to affect unpaid workers' consumption, for example.

    The partial closure of the Securities and Exchange Commission will delay companies' plans to file initial public offerings, at least until it reopens, and the Treasury's shutdown threatens to delay income tax refunds, which could have a dampening effect on sectors that tend to benefit from tax-refund spending, including auto retailers, according to Raymond James.

    Private businesses that depend on visitors to national sites are also feeling the pinch as Americans cancel their vacations to national parks, museums and monuments that are closed.

    An extended shutdown could reach even further into American households by causing these businesses to reduce their staffs -- taking wages away from private citizens.

    The U.S. Chamber of Commerce, the nation's largest business association, last week urged Mr. Trump and Congress to end the shutdown. Consequences from the shutdown are "wide and growing," Neil L. Bradley, the group's chief policy officer, wrote in a letter Tuesday. He listed a wide range of affected programs, data and functions.

    "Small businesses are unable to receive assistance from the Small Business Administration. Companies are delayed in their ability raise additional capital or complete the process of going public. The review of mergers and acquisitions is suspended. Companies ranging from manufacturers to brewers are unable to receive the approvals required by law to sell their products," he wrote. "Travelers are delayed."

    "Processing of imports is hindered, and tariff exclusion requests are unprocessed. Safety inspectors are sidelined, mortgage approvals are delayed, and research is halted. National Parks are closed and trash at the parks is not being collected. Grants, contracts, and payments for goods and services already provided are delayed," the letter continued. "Federal rulemakings are halted, and hundreds of thousands of federal employees and contractors go without pay."

    According to data compiled by Bloomberg, the thousands of businesses with contracts tied to the federal government could lose a cumulative $200 million a day.

    https://www.cbsnews.com/news/governm...s-border-wall/

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    Didn't trump say those not getting paid support his efforts to have American taxpayers pick up the bill for the wall he stated Mexico would pay for??

    He said they don't mind??

    Those suffering & the huge losses to the economy are but a small price for us to suffer so that the trump can have his name on a large edifice from sea to shining sea..



    Turn up the volume Turn up the volume
    "There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."



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    Quote Originally Posted by Bill View Post
    Didn't trump say those not getting paid support his efforts to have American taxpayers pick up the bill for the wall he stated Mexico would pay for??

    He said they don't mind??

    Those suffering & the huge losses to the economy are but a small price for us to suffer so that the trump can have his name on a large edifice from sea to shining sea..



    Turn up the volume Turn up the volume
    They will pay for it, just stopping the flow of heroin, cocaine and illegal immigrants will affect their economy adversely.

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    so give him the wall and save money........

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    The Democrats have two choices, go peacefully, or continue making fools of themselves and end up going anyway

    There is going to be wall funding, and Mexico, in the end will pay us back. Children know this, why adults can't grasp it I have no idea
    This just In::: Trump indicted for living in liberals heads and not paying RENT

    C̶N̶N̶ SNN.... Shithole News Network

    Trump Is Coming back to a White House Near you

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    I think we need to be concerned that Trumpf is going to crash the economy and bring the decade-long Obama Economic Recovery to a screeching halt with his foolish government shutdown.

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    Quote Originally Posted by Cypress View Post
    I think we need to be concerned that Trumpf is going to crash the economy and bring the decade-long Obama Economic Recovery to a screeching halt with his foolish government shutdown.

    that's funny right there
    This just In::: Trump indicted for living in liberals heads and not paying RENT

    C̶N̶N̶ SNN.... Shithole News Network

    Trump Is Coming back to a White House Near you

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    Quote Originally Posted by Cypress View Post
    I think we need to be concerned that Trumpf is going to crash the economy and bring the decade-long Obama Economic Recovery to a screeching halt with his foolish government shutdown.
    Good.

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    What a Deal Maker ...
    ONE-N-DONE, YOU GOT PLAYED; Time To Play-On
    Remember ... ELECTIONS HAVE CONSEQUENCES ... So STFU Bitch

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    SOTU Address, Speaker Pelosi Outranks Moscow Mitch



    The Speaker of the House has authority over the Sergeant of Arms (both House and Senate). The Senate Sergeant of Arms cannot override the House Sergeant and the Architect of the Capitol (who also reports to the Speaker), the three all serve as the controlling board of the capitol police. If Speaker Pelosi says the Capitol Building is to be closed, it will be closed. Moscow Mitch can't override her.

    That's why she's 2nd in line of Presidential Succession. Trump is too stupid to know this of course.
    ONE-N-DONE, YOU GOT PLAYED; Time To Play-On
    Remember ... ELECTIONS HAVE CONSEQUENCES ... So STFU Bitch

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    fools. this looks bad on dems, who are now just obviously anti-security.
    Last edited by Hermes Thoth; 01-22-2019 at 02:51 PM.

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    Here's President Trump's stock-market scorecard after 2 years in office



    Here’s President Trump’s stock-market scorecard after 2 years in office
    https://www.marketwatch.com/story/he...ice-2019-01-22

    Jan. 20 marked two full years since the real estate mogul and the reality TV star was sworn in as president. In that time, stocks have rallied to records, making him among the most successful Republican presidents when judged by market gains. In fact, the Nasdaq soared 29% since January 2017, marking the tech-centric index’s best rally under a Republican president, according to Dow Jones Market Data.

    But a rough 2018 dented Trump’s two-year performance, which for the S&P 500 left him with the 10th best percentage gain of 23 presidents, going back to Herbert Hoover, and the fifth best performance out of 11 Republican presidents, the data show.

    Between Jan. 20, 2018 to Jan. 18 this year, the S&P 500 SPX, -1.86% fell 4.97% compared with average gains of 5.43% during a similar time frame while the Dow Jones Industrial Average DJIA, -1.69% shed 5.24% versus a rise of 5.48% and the Nasdaq COMP, -2.30% dropped 2.44%, sharply underperforming the average advance of 6.87%.

    Dow

    Second year in office (-5.24%):

    5th worst percentage loss for a Republican president (out of 17)
    9th worst percentage loss for any president (out of 31)
    The worst second year in office (regardless of term) for a president since Bush from 2002 - 2003
    First two years (+25.21%):

    6th best percentage gain for a Republican president (out of 17)
    11th best percentage gain for any president (out of 31)
    The best first two years in office (regardless of term) for a Republican president since Reagan from 1985 - 1987
    The best first two years in office (regardless of term) for a president since Obama from 2013 - 2015 <--- wtf??





    ONE-N-DONE, YOU GOT PLAYED; Time To Play-On
    Remember ... ELECTIONS HAVE CONSEQUENCES ... So STFU Bitch

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    ‘Give Trump the money,’ Democratic Rep. Collin Peterson says as shutdown drags on

    Rep. Collin C. Peterson (D-Minn.) said Tuesday that Congress should agree to President Trump’s demand for $5.7 billion to fund a U.S.-Mexico border wall, in one of the first public statements by a Democrat calling for his party’s leaders to throw in the towel as the partial government shutdown drags on.

    “Give Trump the money,” Peterson said in an interview with Fargo, N.D.-based radio station KFGO. “I’d give him the whole thing . . . and put strings on it so you make sure he puts the wall where it needs to be. Why are we fighting over this? We’re going to build that wall anyway, at some time.”

    Peterson, the chairman of the House Agriculture Committee, has bucked his party in the past. A founding member of the conservative Blue Dog Coalition, he represents a district that Trump won by a 30-point margin in 2016 and has one of the most conservative voting records among House Democrats.

    Peterson’s remarks come as the partial government shutdown is entering its second month, with few signs of progress toward a deal.

    Senate Majority Leader Mitch McConnell (R-Ky.) intends to hold a vote this week on Trump-backed legislation that would reopen the government and meet the president’s demand for $5.7 billion for a border wall.

    But House Speaker Nancy Pelosi (D-Calif.) has declared such a measure a “non-starter,” and Democratic opposition further solidified on Monday after lawmakers and immigration activists discovered the Senate legislation contains stringent new limits on the U.S. asylum program.

    https://www.washingtonpost.com/polit...=.fe5aec63b688

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    Quote Originally Posted by Cypress View Post
    I think we need to be concerned that Trumpf is going to crash the economy and bring the decade-long Obama Economic Recovery to a screeching halt with his foolish government shutdown.
    Why would putin order his boy to do that??
    "There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."



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    All this begging, just give the baby what he wants.. PATHETIC!!!! fuck him, NO WALL!!!!! NO WALLL!!!!!

    I have never been a fan of either shumer or pelozi, but I am changing my mind.......

    As a Mom, she knows you don't give in to a spoiled child like that, 70 year old fuckin cry baby for president..... Gawd save the Queen..............
    "There is no question former President Trump bears moral responsibility. His supporters stormed the Capitol because of the unhinged falsehoods he shouted into the world’s largest megaphone," McConnell wrote. "His behavior during and after the chaos was also unconscionable, from attacking Vice President Mike Pence during the riot to praising the criminals after it ended."



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