We’re not even 12 months removed from the most recent government shutdown and already there are fears that another shutdown is possible later this month. The latest continuing resolution Congress passed to sustain government operations while lawmakers negotiate a budget deal runs out on Dec. 20, and while most lawmakers seem to believe an agreement is within reach, it is not certain that President Trump would approve it. That possibility should get every federal employee’s attention.
LifeCents survey data suggests that many of the 800,000 workers impacted by the previous shutdown suffered significant hardships: 22% percent of respondents claimed to have missed a significant payment, while 24% reported that the shutdown took a physical and emotional toll.
One career government employee told us: “The long shutdown was the fifth time I have experienced being shut out from my job, with the associated worries of how long it will last, when will we get back pay, and how long will my emergency fund last.” After more than 30 years of federal service, he finally decided to leave his job at the IRS as a direct result of the shutdown.
While this employee had an emergency fund that could sustain him until the government reopened, many people do not. Studies show that 78% of American citizens live paycheck to paycheck, while 40% do not have enough in savings to cover a $400 emergency. For such individuals, the prospect of missing one or more paychecks could be catastrophic.
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