Washington (CNN)White House economic adviser Kevin Hassett acknowledged Tuesday that the White House underestimated the negative impact on the United States’ economic growth from the ongoing government shutdown. Hassett discussed the consequences of the shutdown, which is in its fourth week, with Fox Business Network’s Melissa Francis on “After the Bell.” “Does that sound right? 1.7% for the quarter?” Francis asked of Hassett’s revised estimates for GDP growth in the first quarter of the year. 90 (and counting) very real direct effects of the partial government shutdown “Right. So what happens is that when the Bureau of Economic Analysis, when they calculate GDP, what they do is they basically have to estimate how much the government produces, and their estimate of how much the government produces is based on just government workers going to work and getting paid,” Hassett replied. “And so if government workers don’t go to work, then they reduce their output calculations accordingly. We made an early estimate right at the beginning of the crisis that was a little bit lower than the estimate you just cited and have been studying hard as this has gone on and have found that actually the damage is a little… Read full this story
- Donald Trump's Economic Adviser Says Trade Wars Will Cause Many Companies to Have Earnings 'Downgraded'
- Trump’s Top Economic Adviser Says Furlough Without Pay is Good for Federal Employees Because They Don’t Have to Take Vacation Days
- White House economic adviser appears to compare shutdown to 'vacation' for furloughed workers
- WH economic adviser reassures on Powell, Mnuchin job security
- Trump economic adviser says zero percent growth possible due to shutdown
- Fed chair’s job is not in jeopardy, White House economic adviser says
- Bergen County says he loses a little bit of property after every storm
- Donald Trump's Economic Advisers Double Their Shutdown Cost Projections: Reports
- Trump's Former Top Economic Adviser Calls Shutdown 'Completely Wrong,' Says it 'Makes No Sense'
- Trump's chief economic adviser to federal workers: Get a loan
WH economic adviser says damage to economy from shutdown is a 'little bit worse' than predicted have 337 words, post on edition.cnn.com at January 15, 2019. This is cached page on Vietnam Dance. If you want remove this page, please contact us.