Shutdown And Layoffs Strain D.C. Economy

Benzinga

The prolonged shutdown and mass federal layoffs are straining Washington’s regional economy, driving a surge in food assistance needs and hurting local businesses. The Capital Area Food Bank expects to distribute 8 million more meals as missed paychecks ripple through households. Economists warn the damage may be long-lasting.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03The prolonged government shutdown, mass federal layoffs, and reduced food aid are straining

00:07Washington's economy and social safety net, according to AP. The Capital Area

00:12Food Bank is preparing to distribute 8 million additional meals this year,

00:17nearly 20% more than planned, as demand for assistance surges.

00:21With 20% of the nation's federal workforce based in the region,

00:24missed paychecks are rippling through the local economy,

00:27hurting small businesses and households alike.

00:30Economists warn the region will face lasting consequences as families deplete savings

00:34and local employers lose critical revenue during the holiday quarter.

00:38For all things money, visit Benzinga.com.

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