By Rick Newman | The Exchange – Wed, Oct 16, 2013 7:19 AM EDT
It’s just a “partial” government shutdown. Threats of a U.S. government default are overblown. The federal government is too involved in the economy, anyway.
These are some of the excuses used to justify repeated standoffs in Washington over federal spending. The politicians doing the fighting usually insist the economy can withstand their histrionics and everything will go back to normal once it’s over. Yet economists increasingly see lasting damage from the drawn-out budget bickering, with a new study contending that political standoffs have cost the economy 900,000 jobs this year alone. And Fitch, the rating agency, now says it may join Standard & Poor’s in downgrading the U.S. credit rating.
- As Washington bickers, Main Street slashes holiday spending plans (nbcnews.com)
- While Washington bickers, national unemployment crisis remains in effect (al.com)