As President Donald Trump’s government shutdown drags through its 33rd day, one of his top economic advisors is warning of economic stagnation should an end to the stalemate over Trump’s border wall not be reached soon.
White House Council of Economic Advisers Chairman Kevin Hassett sounded the alarm on CNN Wednesday morning.
“By your calculations,” Poppy Harlow asked Hassett, “couldn’t we then see zero growth if this persists through the end of the quarter?”
Hassett, hesitant to directly answer, was pressed again. Harlow again asked if we “could we see zero growth” if the shutdown continues into the spring.
“Yes, we could,” Hassett replied. “If it extended for the whole quarter and given the fact that the first quarter tends to be low because of residual seasonality then you could end up with a number very close to zero in the second quarter.”
Chair of WH Council of Economic Advisors @WhiteHouseCEA just told me if #shutdown lasts until end of Q1 — “Yes” the U.S. economy could see zero growth. Zero. WATCH: pic.twitter.com/Gt4yNzU7xo
— Poppy Harlow (@PoppyHarlowCNN) January 23, 2019
“White House officials say the partial government shutdown is stripping away roughly 0.1 percent of economic growth per week,” The Washington Post noted on Wednesday. “Growth for the first quarter was already projected to be low, at below 2 percent, which is how Hassett said he came to his conclusion.”
The federal budget deficit is also predicted to approach $1 trillion this year.
So much for Trump’s “magic wand.”
I guess the "magic wand" was just a plain old stick afterall.https://t.co/8RYxoOWyKg
— T.O. Resident (@TO_Resident) January 23, 2019
A very successful formula for all the winning Trump promised us.
— David (@Cooper19874) January 23, 2019
Conman Trump has put us in a slump!
— The Dose of Reality (@TheDoseTweets) January 23, 2019
@POTUS and his people keep touting about how great the economy is..
Everyone I know in the lower/middle-class are
Struggling to pay their bills (RENT)
Living paycheck to paycheck
Wages aren't rising for most of us
but housing costs and everything else is rising.
— Adam (@tech1_123025) January 23, 2019
Roughly 800,000 federal employees, including members of the armed services, are either furloughed or being forced to work for free. Why, then, is Hassett so chipper?
It must be nice to have nothing to lose.
Kevin Hassett has this smile like a Cheshire cat being forced to admit a 0% growth rate if the shut down continues. Can't wait for the reaction after Trump catches it on TIVO
— Show_me (@PinotandPizza) January 23, 2019
Look at him. Smiling. This is not abstract. It's real.
— L'il Nervous (@FranticAntics) January 23, 2019
That's okay. Is it not he who thinks all of the civil servants are on a vacation.
— Mafcomp (@marianneflynn15) January 23, 2019
— Rea (@Alter_me) January 23, 2019
someone wipe that smile off his face
— amack (@amack8328) January 23, 2019
Dark times may lie ahead.
That's what they are worried about?? Not the unsafe air travel, or uninspected food, or unapproved drug pipeline,or unpaid mortgages and rent or choices between chemo and rent or food, or untracked terrorists. Seriously, this #GOP #Administration and #Congress is the Worst EVER
— JaneJensen (@JaneJensen) January 23, 2019
He's freaking laughing and smirking the whole interview. Shame even giving him a second of airtime to show exactly how this treasonous government feels about the very workers
— kathyking (@kathykiscool) January 23, 2019
People are laying blame in one place.