Welcome to the decade of the politicization of everything. With the government shutdown in its first week, it is starting to look more and more like this temper tantrum from both sides could lead up to the debt ceiling deadline.
Government shutdown effects include as many as 800,000 workers (38% of the federal workforce) being furloughed. However, if there ever was a time to put on display the bloat and uselessness of many parts of the federal government, now it is fully on display. Just this week, the Internal Revenue Service (IRS) furloughed 9 of every 10 workers, deeming them non-essential employees.
Imagine what a flat tax would do to the agency…
The shutdown will affect every federal agency and any building or space with the federal stamp on it. National Park Service sites and multiple museums have been shuttered. Foreign travelers will be unable to get their visas or passport application approved, bankruptcy cases will be suspended until further notice, and military personnel and veterans will be unable to acquire their benefits.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.