Donald Trump ‘s beloved border wall fever dream has cost the American economy hundreds of millions of dollars more than the proposed budget for his “beautiful steel barrier” of bigotry. S&P Global Ratings estimated Friday that the longest shutdown in U.S. history cost the economy “at least” $6 billion, due to “lost productivity from furloughed workers and economic activity lost to outside business.” Adjusted for inflation, USA Today reports that Trump’s shutdown is also the most expensive since 1981.
That number is likely to grow, of course, as the ripple effects of the shutdown aren’t immediately brought to a halt by the super-temporary deal struck on day 35 of the presidential temper tantrum. Further, Reuters reports, the chaos of the short-term deal is hardly going to immediately reinstate trust in American prosperity among the moneymakers of the world.
“Although this shutdown has ended, little agreement on Capitol Hill will likely weigh on business confidence and financial market sentiments,” S&P said in a news release.
The S&P estimate comes in the wake of Steve Mnuchin’s refusal to appear at a House Ways and Means Committee hearing on Thursday, when the ethics-bereft Treasury Secretary was asked to discuss the economic impact of the shutdown, which we now know was more devastating than expected. The meeting was ultimately canceled by Committee Chairman Richard Neal (D-MA).