(WASHINGTON) — The 16-day government shutdown is over, but the country has taken at least a $24 billion hit along the way.
The financial ratings agency Standard & Poor’s said on Wednesday that the shutdown “to date has taken $24 billion out of the economy,” equaling $1.5 billion dollars a day, and “shaved at least 0.6 percent off annualized fourth-quarter 2013 GDP growth.”
These estimates are for the overall economy, taking into account not just federal wages and productivity, but all the ripple effects and costs as well.
“The bottom line is the government shutdown has hurt the U.S. economy,” Standard & Poor’s said in a statement. “In September, we expected 3 percent annualized growth in the fourth quarter because we thought politicians would have learned from 2011 and taken steps to avoid things like a government shutdown and the possibility of a sovereign default. Since our forecast didn’t hold, we now have to lower our fourth-quarter growth estimate to closer to 2 percent.”
Moody’s Analytics reported a similar number on Wednesday, saying by the end of the day the shutdown will cause a $23 billion hit to U.S. GDP or $1.4375 billion per day.
And that’s not all. Here’s ABC News’ look at the costs of the shutdown:
Copyright 2013 ABC News Radio
Mike Price, EastIdahoNews.com