The Trump Shutdown has left hundreds of thousands of workers without a paycheck, and many will not receive any pay at all for missed workdays. As the Trump Shutdown stretches on, it is now hurting the private sector and could have even more far-reaching consequences for Americans across the country.
The Trump Shutdown has gone on so long that workers likely won’t see a paycheck for at least another few weeks.
CBS News: “Federal workers won’t see a check until Jan. 25 at the earliest”
Thousands of workers whose pay comes from federal contracts may not recuperate any lost pay from the Trump Shutdown.
ABC News: “While hundreds of thousands of federal workers will have to wait for back pay after the government shutdown ends, thousands more whose pay comes from federal contracts have little hope of recuperating the pay they lose when the government isn’t operating.”
The consequences of the Trump Shutdown are hitting the private sector and hurting small businesses.
Washington Post: “As the partial government shutdown enters Day 14, its effects are starting to cascade far beyond the hulking agency buildings in Washington. Private companies with federal contracts are coping with chaos, confusion and uncertainty, while businesses large and small that rely on the operations of the vast federal bureaucracy are starting to feel sand in their gears.”
Bloomberg: “Airlines can’t get permission to add new planes to their fleets. Mortgage lenders aren’t able to verify the income of borrowers. And brewers can’t sell new beers while label approvals are on hold.”
The Trump Shutdown could delay billions of dollars in income-tax refunds for workers and their families.
Wall Street Journal: “A prolonged government shutdown would likely delay billions of dollars in income-tax refunds.”
The Trump Shutdown could have negative effects on the markets, which are already in decline.
Washington Post: “The shuttering of the Securities and Exchange Commission during a prolonged government shutdown could ripple throughout the markets, including slowing some highly anticipated stock offerings by companies such as Uber and Lyft, securities experts say.”
Washington Post: “An extended shutdown would eventually turn into a drag on the economy, said James J. Angel, a Georgetown University finance professor. ‘The capital markets are the lifeblood of the economy,’ he said. ‘Corporations need to be able to raise money, to invest.’ Even without the partial government shutdown, Wall Street has seen volatile swings in the past year, with markets posting the worst yearly decline since 2008.”
The White House even admitted Trump’s shutdown would be a drag on economic growth.
Bloomberg: “The ongoing partial government shutdown will cut U.S. economic output by about 0.1 percent every two weeks, the chairman of the White House Council of Economic Advisers said.”