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Bad news, less bad news on impact of shutdown

The wonks at Moody’s Analytics have looked at the impact of the federal budget shutdown and report the following:

“The 16-day federal shutdown and political brinkmanship around the Treasury debt ceiling hurt the economy. The hit to fourth quarter real GDP is estimated at $20 billion, equal to half a percentage point of growth. Instead of picking up pace as previously expected, U.S. growth will remain stuck near a lackluster 2%.”

The negative impact in North Carolina: around $340 million. Happily, it looks like things could’ve been worse here. Moody’s reports that North Carolina actually experienced less damage than the U.S. as a whole and suffered a proportionately lower impact than 19 other states. Based on our recent record of being near the bottom in every category, that’s a big victory!.

No word yet on whether the McCrory administration is planing some sort of a “we suffered less!” celebration.  

 

5 Comments


  1. Alex

    October 29, 2013 at 4:25 pm

    It’s funny to me that we spend $ 50 Billion more than we take in each and every month, and then print another $ 80 Billion of “phony money” off the books over at the Federal Reserve, and some folks don’t even get as concerned as they do about this little $20 Billion. Very strange indeed !

  2. GOP Rules

    October 30, 2013 at 4:23 pm

    I hear you Alex, the overwhelming silence on the debt problem which is not just $17+ trillion but more like $80 some trillion is the true travesty of almost all modern “journalism”. The funny thing is when attention is called to the facts, you are then treated like a crackpot.

  3. RJ

    October 30, 2013 at 6:15 pm

    So tell me, guys, is now the time to invest in GOLD!!??!!! My trusted investment sources cite data like yours and I’m almost convinced…

    My “phony money” had been working pretty well settling my bar tab, but now I’m worried. Would you two suggest finding a place that took gold dust?

  4. Alex

    October 30, 2013 at 6:33 pm

    I would rather have bitcoins than the worthless deflated dollars !

  5. RJ

    October 30, 2013 at 6:55 pm

    Ah, bitcoins… I’ll get back to the bunker and start trying to make some.

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