Trump’s Self-Inflicted Shutdown Cost the US Economy at Least $6 Billion

A staggering loss.

Olivier Douliery/ZUMA

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Update, 1/28: As expected, that figure did climb. According to a new estimate from the Congressional Budget Office, the shutdown over Trump’s border wall demands cost the US economy at least $11 billion.

Previously:

President Donald Trump may have capitulated to Democrats on his border wall demands—for now—but the devastating economic effects of the longest government shutdown in US history are just emerging.

According to an estimate from S&P Global Ratings, the US economy lost at least $6 billion due to Trump’s shutdown. That figure, which is more than the $5.7 billion Trump demanded for a wall in the shutdown impasse, is likely to climb. It also comes in the absence of Treasury Secretary Steve Mnuchin’s refusal to testify before lawmakers this week on the shutdown’s economic toll.

“Although this shutdown has ended, little agreement on Capitol Hill will likely weigh on business confidence and financial market sentiments,” the financial services giant said in a statement Friday.

Trump’s announcement on Friday that he would agree to a short-term spending bill to reopen the government—the same deal he had rejected more than a month ago—came on the same day nearly 800,000 federal workers missed a paycheck for the second time since the shutdown started. For more on the shutdown’s toll on federal workers, tune into this week’s episode of the Mother Jones Podcast:

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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