Money for nothing: Government shutdown costs $12.5 million per hour

[babylonsister]

Money for nothing: Government shutdown costs $12.5 million per hour
Steve James NBC News contributor
41 minutes ago


The government shutdown, furloughing hundreds of thousands of federal workers, could take its toll on the economy the longer it lasts. According to one estimate, it's costing taxpayers $300 million a day, to start.

Here's the price tag for the first government shutdown in 17 years: about $1.6 billion a week, $300 million a day, or $12.5 million an hour.

That estimate, from economic consulting firm IHS Global Insight, covers just the cost in work and services the government is unable to perform as it furloughs 800,000 federal workers. According to IHS, pay for federal employees is considered part of the Gross Domestic Product, which is the total value of all goods and services produced in the nation each year. So no pay for the workers means no contribution to U.S. economic output.

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Whether that will have an impact on the U.S. economy in the longer term, is less clear. President Barack Obama said in a statement from the White House Rose Garden Tuesday that the longer the shutdown goes on, the more dire the consequences will be for the economy.

And some experts agree. "The economy is already weakened by continued high unemployment, as well as underemployment, which both impact consumers’ spending power," said John Challenger, chief executive officer of global outplacement consultancy Challenger, Gray & Christmas, Inc.

more...

http://www.nbcnews.com/business/money-nothing-government-shutdown-costs-12-5-million-hour-8C11308802

[FSogol]

1. Add that to the cost of 42 votes against Obamacare and tie it to the GOP's necks.

We should hear that number every single day.

[babylonsister]

2. Bleeding Money: The GOP Shutdown Will Cost Between $40-$80 Million a Day

Bleeding Money: The GOP Shutdown Will Cost Between $40-$80 Million a Day

By: Sarah JonesOct. 1st, 2013



MSN Money reported that the 1995-96 shutdown cost an estimated $74 million a day, “The OMB estimated that the 27-day 1995-96 shutdown cost a total of $1.4 billion, or about $2 billion in today’s dollars. Some of the lost revenue in fees and fines would eventually be recouped, according to MSNBC. Divide $2 billion by 27 and you get about $74 million a day.”

Estimates for the current shutdown vary from $40 to $80 million a day, but according to MSN Money, “share one similar prognostication: a government shutdown is bad for the economy.”

It gets worse. Annie Lowrey, an economic policy reporter for the New York Times, tweeted a staggering estimate of the damage the shutdown is doing to GDP, “David Stockton, formerly of the Fed, estimates a shutdown costs 0.15 percent of GDP growth a week.”

more...

http://www.politicususa.com/2013/10/01/republicans-pay-fed-estimates-shutdown-costs-15-gdp-week.html