Left Perspective
• The ongoing government shutdown is the primary threat to U.S. economic growth. National Economic Council Director Kevin Hassett warned that if the shutdown, caused by a healthcare standoff, extends through Thanksgiving, the country could face a quarter of negative economic growth. This position frames the shutdown as the key variable impacting the economy's immediate trajectory.
• The administration’s spending options are legally restricted during the shutdown. Hassett noted that the administration is bound by the Antideficiency Act, which limits spending without congressional approval. He stated that while some SNAP benefits are being administered, this action is testing legal limits, and that U.S. military pay could be halted after November 15 due to these constraints.
• The administration is exploring new economic ideas and believes its policies have contained inflation. The director described a recent presidential healthcare proposal involving direct payments as a "brainstorming" idea for Senate Republicans. Hassett also asserted that grocery prices have fallen significantly and that his council estimates tariffs have an inflationary impact "much closer to zero," suggesting the administration views its economic management as successful.
