There is a mountain of litigation seeking to enjoin much of it at least temporarily. That introduces a lot of uncertainty, but seems likely to smooth out some of the effects vs. going off a cliff of aggregate demand.
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For employees and grant recipients that are hanging on by a TRO, the immediate spending impacts are probably nearly identical. Fascinating potential research topic in here on the effects of formal layoffs vs "pending in court" layoffs on consumer spending. Entirely rational to slam wallets shut.
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