Economic Implications of a Government Shutdown
Audio version available here:
Length: approx. 1 min. 10 sec.
As the government spending deadline looms over the end of the month, the likelihood of a government shutdown seems inevitable. Attempts at a short-term spending plan are yet to be successful, so what are the implications if the government does shut down? As a business owner, it is crucial to understand the consequences of such an event.
For many, the focus is on stubborn inflation and staggering interest rates. Coming in at 3.7% in August, the Consumer Price Index is still far from the Fed’s target of 2%. Concerningly, the Fed’s basis for interest rates to fight this inflation relies on the Bureau of Labor Statistics' work to collect, process, and disseminate vital economic data. Without its data driven foundation, the Fed could be left scrambling during the government shutdown and potentially make flawed policy decisions at the expense of regular Americans.
Therefore, it is crucial for business owners to be prepared for any turn of the economy. The House and Senate could scrape together a last-minute spending plan to prevent a shutdown, but if they do not, stay informed by following XQ CPA for the latest updates on the situation.
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