Government Shutdown affecting investments
Mon, 07 Oct 2013 22:23:43 GMT —
The government shutdown is causing uncertainty for the markets and retirees are hoping this all gets resolved so their investments don't take a hit.
Joe Boris, like a lot of retirees at Timothyâ??s Bar, is hoping Congress members get their act together.
â??So far, it hasn't affected me,â?? says Boris who retired from Consumers Energy after 30 years of service.
Boris admits that if the shutdown continues it will have an effect on him.
â??It could affect me as far as the stock market and everything else,â?? says Boris.
â??That's what's making the market jittery, that this government shutdown has lasted more than a week,â?? says Chris Douglas, an economics professor at the University of Michigan-Flint.
Douglas says this rollercoaster is minor compared to what could happen if Congress doesn't agree on the debt ceiling October 17th.
â??If you can't fix the government shutdown, how can you fix the debt ceiling next week?â?? questions Douglas.
Back at Timothyâ??s Bar in Flint, the retirees have the same question.
â??If it goes past the 17th, it's going to take a while to recover from it,â?? says Boris.
â??If they can't come to a decision on something, everybody suffers and that's what's happening now, every body's suffering,â?? says Michael Tobias, a retiree.
â??If the investments drop off a lot, yea it's going to affect me in the long run so hopefully it doesn't,â?? adds Boris.
The government runs out of money on the 17th and will have to come up with a solution on raising the debt ceiling.
If not, experts say all Americans will see an immediate effect and the economy will take an even bigger hit.