There won’t be a shutdown. I don’t think that will happen. The last one in 2019, resulted in the furloughs of hundreds of thousands of federal workers; closures of national parks and monuments; and delayed both tax refunds and the release of economic data. They have also cost the government billions of dollars and helped send stock prices -2.04% lower.
So, I don’t think it won’t happen again.
Congress has already promised they won’t let funding expire. Washington said that federal agencies are reviewing their plans in the event of a funding lapse. The government’s fiscal year ends on Sept. 30, and if lawmakers don’t agree to extend funding past then, a partial shutdown would ensue. It would be the first since the 35-day shutdown of late 2018 to early 2019, the longest one on record.
Prior to that, a shutdown happened in 2013. Employees of the Centers for Disease Control and Prevention were furloughed. Laboratory work was discontinued. We can’t let that happen now.
There’s a lot of things our country can withstand, another pandemic at this time isn’t one of them.
Government shutdowns don’t mean that federal work in Washington or the rest of the country grinds to a total halt. The Defense Department, for example, kept operating through the 35-day shutdown that ended in early 2019, and mail service was not interrupted. That’s because the Postal Service relies on revenues from stamps and service fees, not taxpayer funds.
However, let this be a lesson. I know that some of you don’t really think about investing because you can hardly make ends meet.
But that is why you should start investing. You can’t rely on one source of income. The government is often considered the most stable employer and yet it is still prone to a shutdown.
Don’t put yourself in this situation. Remember, you can start small, and small is better than nothing. Time is the best strategy. The little you invest now will increase in value over time.
Opening a retirement fund could be the easiest step and then work your way through other assets like stocks and bonds. Also look into precious metals, the best hedge, and store of value.