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

A staggering loss.

Olivier Douliery/ZUMA

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.

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:

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate