As of today, the federal government has been partially shutdown for 31 days and counting – the longest stretch in history. While most of us know about the shutdown, not everyone understands how it is playing out for workers, for millions of Americans who rely on federal programs, and for the economy. Today I want to talk about how we got here, what to expect in the days and perhaps weeks to come if the federal government remains shutdown, as well as some options for those affected.
The lack of funding is affecting millions of Americans. Roughly 380,000 federal employees have been furloughed without pay, and 420,000 people are working without receiving paychecks because they provide “essential” services. Nearly 4 million government contractors are also furloughed, and are likely to go uncompensated for the time they did not work during the shutdown. On top of this, millions of people rely on numerous federal programs could be in for pain if an agreement is not reached, and the economy is starting to show signs of damage.
For the survival guide on how to make it through the crisis unscathed, click the link below! Great Money Monday advice, per usual courtesy of Mellody Hobson.