As federal shutdown lengthens, economists say pain will mount on Long Island
"The total impact obviously is yet to be seen," Martin Cantor, director of the Long Island Center for Socio-Economic Policy, said of the Long Island consequences. But Cantor estimates the loss of federal employee wages, alone, would amount to 1% of Long Island's total GDP for as long as the shutdown lasts, or about $2.4 billion of the roughly $260 billion GDP on an annual basis.
The Congressional Budget Office is projecting that if the shutdown persists for several weeks, "some private-sector entities would never recover from all of the income they lost as a result of the suspension of federal activity."