Tuesday, October 1, 2013 6:43
(Before It’s News)
Since a new budgeting process was put into place in 1976, the U.S. government has shut down 17 times
. Presidents Jimmy Carter and Ronald Reagan each dealt with six shutdowns during their terms in office, lasting anywhere from one day to 2 1/2 weeks.
The last actual shutdown came in 1996 — though the government came close during budget negotiations in 2011.
The three-week shutdown that lasted from Dec. 16, 1995, to Jan. 6, 1996, ranks as the longest in U.S. history. As a result, about 284,000 federal workers were furloughed, and around 475,000 essential employees went without a paycheck, although they were eventually reimbursed.
While definately a bad thing to have happen, it is by no means a harbinger of economic collapse. Think about it, one of credit ratings agency threatened to take our AAA statuswith them from America over this shtdown yet we kept our AAA ratnig the 17 times before. So whats the differnce now? Things are bad and things have been bad before. Unless something goes over the brink this time economically, this will be no different than anyother time. Ive been crying wolf about an economic collapse for years now and while i still think it could happen, im beginning to wonder otherwise. -Mort