What the government shutdown means for you

For the first time in 17 years, the United States government is in a shutdown after the House and Senate failed to reach an agreement over the stipulations and scope of Obamacare. No one is sure how long the partial shutdown is estimated to last, but we are already beginning to see the repercussions as hundreds of thousands of government workers go on furlough indefinitely. So what does this mean for the rest of us?

In a recent article for DailyWorth.com, John Piershale weighed in on the immediate and pertinent consequences of the shutdown. He discussed nonessential services that have been stopped (either entirely or partially) including: national parks, museums, the Chemical Safety and Hazard Investigation Board, the Treasury Department, the Small Business Administration, and even some services to the blind. He also offered how the shutdown could impact mortgage approvals, considering that the Federal Housing Administration backs almost 30 percent of mortgage loans.

Lastly, Piershale emphasized the potential consequences a shutdown could have on fourth quarter economic numbers. “A few days probably wouldn’t make much difference, while a month, which is unlikely, would have a measurable affect on fourth quarter GDP,” he said.

To read the full article by contributor Nancy Mann Jackson, follow the link below:“How will the government shutdown affect you?”