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.