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

A staggering loss.

Olivier Douliery/ZUMA

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of 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:

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

payment methods

THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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