U.S. government on brink of widespread shutdown
U.S. government on brink of widespread shutdown
- September 30, 2023
- Eric Swanson, economics, CNN, Sept. 30, 2023 (Video)
If it comes to a shutdown, how would the consequences be felt? What impact does this have on the American economy? “So, for the aggregate economy, it is probably not a major effect because all of these workers do not get paid for a week or two – or however long the shutdown lasts. They do get backpay when the agreement and the budget is finally passed. So, there’s a timing shift in terms of when the pay is paid to the workers but it’s not like that money is lost – that money will be spent eventually,” says Eric Swanson, UC Irvine professor of economics.
For the full story, please visit https://www.youtube.com/watch?v=lHpzHvT6lxs.
Would you like to get more involved with the social sciences? Email us at communications@socsci.uci.edu to connect.
Share on:
Related News Items
- The impact of Federal Reserve policy on the Fed's financial conditions index
- The Fed pauses rate hikes again; no relief for housing market
- A debt ceiling breach would be bad bad bad bad bad
- State of U.S. economy amid banking failures and debt ceiling debate
- Economic expert predicts that despite Fed's lower rate hike, more ahead