Economía marxista para el Siglo XXI

US economy in shutdown?


Michael Roberts Blog

So the US Congress has forced a shutdown in a portion of federal government services.  From yesterday, 800,000 federal employees will be laid off without pay. This affects about one-third of federal government spending, the rest is actually exempt and, of course, Congress has agreed to ensure that American soldiers on ‘active service’ will continue to be paid, but not civilians.  So far, after two days of shutdown, according some estimates, US real GDP growth will be reduced by about by 0.1 percentage points at an annualised rate in this quarter, while a week-long shutdown would cost 0.3 percentage points.  And remember that, in the third quarter, the US economy was growing at just 1.7% (see my post, http://thenextrecession.wordpress.com/2013/07/31/the-us-economy-bigger-but-not-healthier/).  So a continued shutdown would begin to have a significant effect on real GDP growth.

The argument of some mainstream economists, no doubt easily seized upon by the tea party…

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