The partial federal government shutdown is one week old, but economists are still saying that its impact in Southern California and elsewhere will be limited.

Susanne Whatley: Business analyst Mark Lacter, why is that?

Mark Lacter: If you look back on the history of these things, Susanne, you see that the disputes are resolved before too much damage gets done.  As for Southern California, I notice that KPCC's Alice Walton was asking around over the weekend about the shutdown, and most folks gave it a shrug.  The regional economy is just too diversified - and not especially tied to federal employment.  You have about 46,000 federal workers employed in L.A. County in one capacity or another - that's out of a workforce of nearly 5 million.  And, now it appears as if the federal employees who have been furloughed are going to receive their back wages whenever the shutdown finally ends.

Whatley: That still might make things dicey when it comes time to pay the monthly mortgage...

Lacter: ...but at least money will be available before most folks run into serious liquidity issues.  That's what the shutdown really comes down to - inconvenience rather than dislocation.  And, you see this with the various government services affected: the E-Verify website is down - that lets business owners know whether the people they're wanting to hire can work legally in the U.S., which obviously is important.  The Small Business Administration has stopped processing loan applications, and the Federal Housing Administration is reporting delays in its loan processing, which could mean a home buyer might not complete his or her paperwork all that quickly.

Whatley: But, what if this were to go on for months?

Lacter: Well, then it would create problems, but nobody really thinks that's going to happen.  The real issue, not just nationally and regionally - but globally - is the refusal by Congress to raise the debt ceiling.  The deadline is a week from Thursday, and - of course - there's been all sorts of debate about what this would mean for the economy.

Whatley: All right, so what would this mean for the economy?

Lacter: Well, no one knows exactly.  But, then again, no one knows exactly what would happen if you fell out of a airplane without a parachute.  I just wouldn't want to test it out.  And, of course, let's keep in mind that these are manufactured crises - not reflective of anything that's going on with the real economy.  It's certainly not reflective of anything that's going on in L.A., which saw a big jump in payroll jobs for 2012 - actually it was the sharpest increase since 2005, and nearly double the national rate (that's despite an unemployment rate that remains very high in certain parts of Los Angeles).

Whatley: What about some of the big locally based companies?

Lacter: Well, if your company is publicly traded, there's a good chance your shares took a dip these past few days.  Going back to September 18, the Dow has lost almost 700 points, which - percentage-wise - is not very much, but it is reflective of how uneasy Wall Street has become.  Public companies based in the L.A. area are taking it on the chin - Disney, Amgen, Mattel, DirecTV - their stock prices are all down going back to the middle of September.

Whatley: Even so, hasn't this been a good year for the stock market?

Lacter: It has - those local companies are up anywhere from 13 percent 30 percent year to date, and the Dow is up 14 percent year to date.  Of course, the stock price of a company doesn't always match the amount of money it makes, and this year, even before worries about the debt ceiling, the numbers haven't been as good as they should be at this stage of a recovery.  And, that's why there's particular concern about next week.  You do have to wonder whether a default could have ripple effects involving trade, consumer spending, the dollar - who knows what?  Now, it's still a pretty good bet that saner heads will prevail, although there are no guarantees - and again, if worse came to worse, do you really want to be jumping out of that plane?  Guess we'll find out.

Mark Lacter writes for Los Angeles Magazine and pens the business blog at LA Observed.com.

This content is from Southern California Public Radio. View the original story at SCPR.org.

RemShutdown allows remotely shutdown or restart network computers. You can specify a delay during which a message you specify can be displayed and applications running on the remote computer at the time of shutdown can be allowed to close. The tool is designed with a user-friendly interface and is easy to use.

Safe-E-Stop is a wireless e-stop system that can be integrated with existing hard-wired emergency stop systems for assembly lines and other production systems.

Washington — Effective process safety management can help prevent hazards and incidents related to process unit startups and shutdowns, according to a new “Safety Digest” from the Chemical Safety Board.

A government shutdown would limit OSHA inspections to “life and property,” and a new initiative on respirable crystalline silica wouldn’t “get off the ground,” agency administrator Doug Parker said Sept. 27.

Washington – After 16 days, the federal government shutdown that ceased the majority of OSHA operations concluded with the passage of a bill to fund the government.

The shutdowns also led to a loss of nearly $118 million in foreign investment and triggered over 21,000 job losses, the global non-profit Internet Society said in its report 'Netloss'.

While commonly associated with planned shutdowns and turnarounds, SU/SD operations also encompass routine operational cycles and processes that occur independently of these events. These SU/SD operations produce various risks that need to be carefully managed to ensure the safety, reliability, and efficiency of industrial facilities. 

In today’s dynamic work environments, an increasing number of employees find themselves working alone.

In a hurry, the Senate approved a bipartisan bill 88-9 to prevent a government shutdown just hours before the deadline on September 30. The bill offers a lifeline to fund the U.S. federal government for an additional 45 days to November 17, 2023.

The "Sex On the Wrong Brain" book and website of the same name suggest humans can reduce misogyny, racism, authoritarianism and many other destructive anti democratic human behaviors with a simple lesson in sex education.

"Work Comp Matters" - the central location for all your workers' compensation, employment and labor law matters. Steve Appell hosts this weekly podcast from sunny southern California - presenting some…

Posted by Solar Designer on Nov 12

Posted by Clemens Lang on Nov 12

Posted by Joel GUITTET on Nov 12

[The Conversation Africa] Mauritius' communications regulator recently shut down access to social media platforms until a day after the upcoming general election, due to be held on 10 November 2024. The decision was reversed a day later. Nevertheless, the move came as a surprise to many - Mauritius is often touted as a beacon of democracy in Africa.

The Senate on Friday approved a $460 billion package of spending bills in time to meet a midnight deadline for avoiding a shutdown of many key federal agencies,

The post Congress passes first package of spending bills just hours before shutdown deadline for key agencies first appeared on Federal News Network.

President Joe Biden has signed into law a package of spending bills passed by the Senate in time to avoid a partial government shutdown.

The post Biden signs package of spending bills just hours before government shutdown deadline first appeared on Federal News Network.

President Biden has signed a $1.2 trillion package of spending bills that Congress just passed, ending the threat of a potential partial government shutdown.

The post Biden signs $1.2 trillion funding package after Senate’s early-morning passage ended government shutdown threat first appeared on Federal News Network.

The yearly fiscal crisis and threats of appropriation lapses affect the contractor industry no less than government employees and the programs they conduct.

The post Government shutdowns stress the whole federal ecosystem first appeared on Federal News Network.

The continuing resolution reauthorizes funds to avoid a 22% pay cut for 11,000 federal employees who spend most of their time overseas.

The post Congress passes stopgap bill to avoid government shutdown, 22% pay cut for feds overseas first appeared on Federal News Network.

Congress has sent President Joe Biden a short-term spending bill that would avert a looming partial government shutdown and fund federal agencies into March.

The post Congress votes to avert a shutdown and keep the government funded into early March first appeared on Federal News Network.

The second of two large spending packages keeps agencies funded for the rest of 2024. The bill now goes to President Joe Biden to be signed into law.

The post Senate passes $1.2 trillion funding package in early morning vote, ending threat of partial shutdown first appeared on Federal News Network.

Speaker Mike Johnson has postponed a vote on a temporary spending bill that would keep federal agencies and programs funded for six months.

The post Speaker Johnson postpones vote on a bill to avoid a partial government shutdown first appeared on Federal News Network.

Bipartisan negotiations to avoid a government shutdown began in earnest shortly after a failed vote last week in the House.

The post Spending deal averts possible government shutdown, funds government into December first appeared on Federal News Network.

No deal reached to end shutdown as President Trump and congressional leaders meet at the White House

The post No deal to end shutdown; Trump says ‘could be a long time’ first appeared on Federal News Network.

Lawmakers have introduced a $1.2 trillion spending package that sets the stage for avoiding a partial government shutdown for several key federal agencies.

The post Congress unveils $1.2 trillion plan to avert government shutdown and bring budget fight to a close first appeared on Federal News Network.

The sudden shutdown of all channels of Greece's national broadcasting company by the Greek government is 'unacceptable for an EU democracy', says West Mids and Warks Lib Dem MEP Phil Bennion.

Strict protocols and limited community spread helped a Maine high school stay open for in person instruction when its first coronavirus case turned up.

In Kodiak, Alaska, a school district with deep ties to the U.S. Coast Guard has been walloped by the government shutdown with hundreds of families going without paychecks. And news of a deal to temporarily reopen the government was doing little to allay the community's anxieties.

A new report urges districts to pay close attention to how they choose and use technology for students who are not yet fluent in English.

A new U.S. Government Accountability Office report found that the needs of students with IEPS and those who are learning English-language skills were not often met after the pandemic struck.

Three illicit massage establishments (IMEs) were shut down in February, the first full month of operation for the DOJ’s first Human Trafficking Unit (HTU), Attorney General Jennings announced Thursday. “These investigations highlight a continuing pattern that we’ve seen time and time again: human trafficking often happens in plain sight,” said Attorney General Jennings. “These were […]

[DA] It is a national embarrassment that the inability of the City of Johannesburg to supply water to its residents, business and public sector offices, has now led to the shutdown of operations at the Constitutional Court, on Constitution Hill in Braamfontein.

"Imagine you buy a pinball machine, and years later, you enter your den to go play it, only to discover that all the paddles are missing, the pinball and bumpers are gone, and the monitor that proudly displayed your unassailable high score is removed". As reported by Polygon, that's an argument put forth by a new lawsuit against Ubisoft, filed by two Californian players of The Crew. They're suing the company in a proposed class action lawsuit over shutting down the racing game's servers, rendering it unplayable.

Read more

With all eyes on how a new Trump administration in the U.S. will interface with China Tech in the years ahead, its neighbor to the north has leveled a blow to one of the biggest apps to come out of the country. Canada has ordered the closure of ByteDance’s operations in Canada — specifically the […]

© 2024 TechCrunch. All rights reserved. For personal use only.

Shutdowns in India in 2019 are estimated to have led to a loss of over $1.3 billion. Forum Gandhi reports on the cost and the pain

Police will verify the role of each of these individuals through photographic evidence

In a tweet Saturday morning, Tesla's chief executive said it would file a lawsuit against county officials over not being able to run its factory.