Report: #TrumpShutdown Cost US Economy $11 Billion

Donald Trump

Donald Trump's knee-jerk reaction to criticism by Rush Limbaugh and Ann Coulter, which triggered the longest government shutdown in US history, cost the US economy $11 billion, reports the nonpartisan Congressional Budget Office.

The analysis takes into account lost output from federal workers, delayed government spending and reduced demand.

Via CNBC:

The report, which was released Monday, estimated a hit of $3 billion, or 0.1 percent, to economic activity during the fourth quarter of 2018. The impact was projected to be greater during the first quarter of 2019: $8 billion, or 0.2 percent of GDP.

Although most of the damage to the economy will be reversed as federal workers return to their jobs, the CBO estimated $3 billion in economic activity is permanently lost after a quarter of the government was closed for nearly 35 days.

"Among those who experienced the largest and most direct negative effects are federal workers who faced delayed compensation and private-sector entities that lost business," the report said. "Some of those private-sector entities will never recoup that lost income."