Despite the government not shutting down, which is paramount for millions of individuals.
Einstein never attributed the concept of insanity to perpetually repeating actions and anticipating diverse outcomes. Research conducted by the site Quote Investigator implicates its association with 12-step programs instead.
Engaging in the same activity with the intention of enhancing skills can sometimes mirror the phrase, “Repetition is the mother of skill.” However, in other situations, it may genuinely appear eccentric.
The pursuit of a government shutdown on a Friday serves as an illustration. As per USA Today's documentation, this event has occurred 21 times since 1976. Some were brief, while others spanned hours, days, or even weeks. The lengthiest one, lasting 35 days and costing around $3 billion, transpired during Donald Trump's initial term in office.
Despite some portraying this tactic as essential for prompting Congress to act reasonably, it is equally dysfunctional as one might anticipate. Budgeting is essentially the most essential responsibility and duty of the legislative branch.
This time, a negotiated agreement regarding a temporary extension of funding, called a continuing resolution, was formulated.
As per EY Chief Economist Greg Daco's statements on Yahoo Finance, a government shutdown holds the risk of narrowing down Gross Domestic Product (GDP) by approximately 0.1%. Various sources mention that Daco estimates the weekly expense to be $6 billion.
Each federal agency has its contingency plan for what tasks they'll execute, which staff will be deemed vital and work without remuneration, and eventually received payment. However, numerous government functions come to a halt.
People eligible for Social Security or Medicare benefits remain unaffected, as their funds are not tied to the annual budgeting process. Medical service providers receive compensation. Regardless, those attempting to enroll in either program may experience delays and continue unprotected.
Attractions like national museums, parks, monuments, the White House Visitors Center, among others, alias closed. Federal courts can maintain operations for a certain period, but their work is not indefinite. Food and Drug Administration food safety investigations may face delays. Majorities of staff at the National Institutes of Health, the National Science Foundation, the National Oceanographic and Atmospheric Administration, NASA, and the Centers for Disease Control and Prevention may be put on leave. The Small Business Administration could cease issuing new loans.
Things considered trivial by many can inadvertently lead to tangible consequences. For instance, the Bureau of Labor Statistics and the Bureau of Economic Analysis would be compelled to halt data collection and analysis. Numerous industries rely on this information, and the Federal Reserve is also affected, meaning no means to establish whether to increase or decrease interest rates.
The Supplemental Nutrition Assistance Program (SNAP); child nutrition programs; and Special Supplemental Nutrition Program for Women, Infants and Children (WIC) may continue distributing benefits as long as funds remain available. If resources dwindle, so too do the benefits.
According to the Congressional Budget Office, private-sector businesses engaged in government contracts may suffer long-term losses.
Although this scenario will not transpire this time due to the enactment of a new compromise bill following the collapse of an earlier attempt, budgetary implosions will likely persist, disrupting significant government functions and services, notably affecting low-income citizens who can't postpone matters.
The threat of a government shutdown, as seen during Donald Trump's initial term, highlights the potential impacts on budgeting and income inequality. A prolonged shutdown like the 35-day one cost around $3 billion, potentially exacerbating economic disparities.
Furthermore, a government shutdown can have far-reaching consequences. for instance, delays in data collection by the Bureau of Labor Statistics and the Bureau of Economic Analysis can impact industries and the Federal Reserve's decision-making process, which can disproportionately affect low-income citizens reliant on various government programs.
