Government shutdown: Impact on business, healthcare, travel, and more
With the October 1 deadline looming, is a U.S. government shutdown inevitable? And what effect would this have on the economy across various sectors? Yahoo Finance spoke to experts around the industry to determine the potential impact for businesses, air travel, healthcare, and more.
Maya MacGuineas, President of Committee for a Responsible Federal Budget, thinks that the government shutdown "is not nearly as dramatic as people expect." MacGuineas notes that the biggest effect will be felt by nature enthusiasts as "national parks may well shut down."
The government shutdown could have a significant impact on the air travel industry. Boyd Group International President Mike Boyd said, "The real issue is long-term. It's the day-to-day regulation that the FAA has over airports, airlines, and also aircraft manufacturers."
Dr. Nahid Bhadelia, Founding Director at Boston University Center for Emerging Infectious Disease, believes that the immediate impact could be felt by programs such as SNAP and WIC. Dr. Bhadelia explained, "If the shutdown continues you're seeing the most vulnerable people at risk."
Dr. Zeke Emanuel, Chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania, broke down the immediate and long-term impact a government shutdown could have on the U.S. healthcare system. Dr. Emanuel said, "That of course is going to impact clinical research. It's going to impact the flu and Covid. It's going to impact the FDA's ability to oversee various parts of their mandate including food safety."
The government shutdown could pose a significant threat to the Federal Emergency Management Agency's (FEMA) disaster relief operations. Former FEMA Administrator Craig Fugate explained, "Of the 5,000 workforce, that could be 90 percent of the folks at home ... not supporting the disaster response teams."
Congressional Budget Office Director Doug Holtz-Eakin explained what a government shutdown means in terms of delayed operations across various sectors. Holtz-Eakin said, "There's just a slew of basic government services ... which will interfere with the conduct of normal economic and personal affairs."
00:00:03 - President of Committee for a Responsible Federal Budget Maya MacGuineas
00:00:26 - Boyd Group International President Mike Boyd
00:00:58 - Founding Director at Boston University Center for Emerging Infectious Disease Dr. Nahid Bhadelia
00:01:16 - Chair of the Department of Medical Ethics and Health Policy at the University of Pennsylvania Dr. Zeke Emanuel
00:01:49 - Former FEMA Administrator Craig Fugate
00:02:10 - Congressional Budget Office Director Doug Holtz-Eakin
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