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The impacts of a government shutdown
Unless a budget is passed, the federal government could be facing a shutdown. Find out how it could impact you.
Tue, Apr 05, 2011 at 03:18 PM
Unless a budget is passed by April 8, the federal government could face its first shutdown in 15 years. If the shutdown occurs, it could have far-reaching impacts on individuals inside and outside the federal government.
The following disruptions in services could have an impact on millions of Americans:
- Tax refunds may be delayed. If you’re counting on a refund to pay an important bill, start looking for another solution should your federal refund be delayed.
- National parks could close down, disrupting vacation plans and forcing a temporary loss of income on employees.
- Nonessential employees and some federal contractors may find themselves temporarily out of work.
- New social security applications could be delayed.
These are just a few of the direct impacts that we may face if the government shutdown occurs. There are also indirect impacts like a decrease in consumer confidence, a decrease in consumer spending and negative impacts on stocks and other investments. These indirect impacts could have significant long-term consequences on our slowly recovering economy.
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