“It depends upon how it’s structured and how fast [the layoffs] happen. Right now, the way it’s structured it would be gradual in the sense that people are paid through September. So they would still have income. They would still be able to pay their bills, make their rent or their mortgage payments, still be able to have discretionary spending and search for another job during that time.”
But Trump seemingly intends to push ahead with the federal workforce cuts even if federal employees want to keep their jobs – and if the current legal standoff ends and his team is able to enforce further redundancies, that could have a more severe negative economic impact, Antoniewicz said.
“If it happens faster, where you have fewer people that take that offer and they do mass layoffs of people, then you could have a bigger shock,” she noted.
CFPB’s shuttering draws ire of Dem Senators
The decision to rein in the CFPB’s activities drew condemnation from Democratic lawmakers including Senator Mark Kelly, who said the move would prove a harmful one. “There’s no good reason to dismantle the CFPB, which protects Americans from getting defrauded by big banks and scammed by criminals,” Kelly wrote on X.
Senator Elizabeth Warren, meanwhile, said at a Senate Banking Committee hearing Tuesday that the move would leave Americans open to exploitation by the nation’s largest banking lenders. “If the CFPB is not there examining these giant banks to make sure they are following the laws on not cheating consumers, who is doing that job?” she said.
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