The ghosts of government shutdowns past and a bit of history
by Kyle Harrington, Founder of Harrington Capital Management
Oct 11, 2013 | 1909 views | 0 0 comments | 18 18 recommendations | email to a friend | print
Kyle Harrington
Kyle Harrington
slideshow
In 1995-96, the first of the two government shutdowns that year lasted only six days from Nov. 14 to Nov. 20. Subsequent to the shutdown, the Clinton administration released an estimate of what the six days had cost.

Well, it cost the taxpayers approximately $800 million — including $400 million to furloughed federal employees who were paid, but did not report to work and another $400 million in lost revenue in the four days the IRA divisions were closed. Six days, $800 million. Ouch.

In U.S. politics, a government shutdown is simply the name for the process the executive branch must enter into when the Congress creates a “funding gap” by choosing to pass legislation funding government operations and agencies. If interim appropriations are not enacted into law, the U.S. Constitution requires the federal government to begin a shutdown of the affected activities.

The current shutdown affects all of us right here in San Diego and across the country. We are a military city and death benefits to military families will not get paid!

Ten thousand Americans turn 66 years old every day. That means all of these people who are ready to submit a Social Security claim will not be processed until the shutdown is lifted. How about our national parks being closed? This means tourist revenue is being lost and families are not able to visit parks in California and across the country. Government-backed loans and FHA mortgage loans worth more than $800 million to more than 10,000 low-and-moderate working families in the U.S won’t be administered, affecting some of them right here in San Diego.

I hope I speak for all Americans when I say the games in Washington, D.C. have gotten so petty it’s an embarrassment. Having said that, the key to changing what’s happening is for the D.C. elite to stop playing to the crowd and to get back to the notion of governing and establishing a budget so our country can continue being the greatest in the world.

Grand visions of society from socialism to fascism to communism have all made certain promises of the future. On the other hand, capitalism at its core invites unpredictable change and creative destruction that along the way improves and enriches lives. In order for capitalism to continue, our government needs to be open for business with an up-to-date budget!
Comments
(0)
Comments-icon Post a Comment
No Comments Yet