One Government Worker's Furlough Struggle: 'We Don't Know When It's Going to End'
*By Justin Chermol*
As the partial government shutdown spans its 18th day, furloughed federal workers like Sam Shirazi who have been placed on unpaid leave are struggling with both an immediate financial reality and a more amorphous sense of uncertainty.
"We don't know when it's going to end, and it doesn't seem like it's going to end anytime soon," Shirazi told Cheddar's J.D. Durkin on Tuesday. "That's creating frustration for everyone who works for the federal government."
About 420,000 federal employees deemed essential are working without pay while another 380,000 have been furloughed.
Beyond his paycheck, Shirazi's most pressing priority is to care for his daughter ー whose daily routine has been derailed by the shutdown. Her daycare is located in a federal building that has been temporarily shuttered, which presents a major challenge for Shirazi, who must keep her engaged and occupied all day.
"It's difficult because the Smithsonian is closed, the National Zoo is closed," he said of the federally-funded sources of amusement on which he might typically rely. "We have to figure out ways to keep her entertained."
"With small children you need a normal routine or otherwise things go a little haywire, so we're just trying to do our best," he added.
Although some of his peers are considering a shift to the private sector, Shirazi said he values his job with the federal government, but he is "concerned this will affect retention, and also hiring."
"I think people don't want to go into a situation that's so uncertain," he said.
Above all Shirazi said he simply wants to resume his life as a public servant without interruption.
"We want to work, we believe in public service, and we hope that this ends sooner rather than later so we can get back to work. I just hope that our leaders are able to resolve this."
Rebecca Walser, President of Walser Wealth Management, joins Cheddar News' Closing Bell, where she discusses the factors behind Monday's surge on Wall Street and explains why investors will likely experience volatility in the market throughout the month of December.
Cheddar's Chloe Aiello joined "Closing Bell" to break down the progress of the SAFE Banking Act in Congress as cannabis businesses operators struggle to find financial institutions that will service them. Banks face steep federal penalties, including the risk of losing a bank charter, if found to be servicing marijuana businesses even if their state has legalized operations. Aiello reported that while there was some bipartisan support for the measure in the Senate, the bill faces some opposition from conservatives with "longstanding concerns" about cannabis and progressives who prefer a more comprehensive approach to reform.
Head of Instagram Adam Mosseri is slated to testify this week in front of the Senate Commerce Subcommittee after a Wall Street Journal report that found the Meta-owned social media platform is negatively impacting the mental wellness of teen girls.
Chinese regulators are reportedly behind China-based ride-hailing company DiDi exiting from the New York Stock Exchange, just days after listing earlier this year. The regulators stated prior that DiDi had not received the necessary clearances to list in the states. Gordon Chang, Asian affairs expert, joined Cheddar to break down what the delisting says about the relationship between nations. "This really strikes me as an attempt to really to force a decoupling of China and the U.S. in the financial markets," Chang said.
U.S. Futures were pointing to a higher open to round out the week despite a miss on the November Jobs Report, which showed slower job growth than expected-- and as the omicron variant continues to spread across the country. Patrick Healey, Founder & President at Caliber Financial Partners joined Cheddar's Opening Bell to discuss.
Just days after the detection of the Omicron variant, the World Health Organization has agreed to start the process of establishing a global pandemic treaty or accord. Amy Maxmen, senior reporter for Nature, and Dr. Samuel Scarpino, managing director for the Rockefeller Foundation's Pandemic Prevention Institute, joined Cheddar to discuss this effort and what lessons can be learned from the many COVID-19 failures as the world prepares for future pandemics.
It's a mixed bag for the November jobs report. Hiring slowed last month as employers only added 210,000 jobs, massively missing the estimate of 550,000. But there was one bright spot: the unemployment rate fell to 4.2%, with the number of unemployed people dropping to 6.9 million. Both of those numbers are considerably down from their highs at the end of the 2020 recession. Heather Boushey, a member of President Biden's Council of Economic Advisers, joined Cheddar to discuss the report and the state of the country's ongoing economic recovery.
