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What to do about Katrina's economic impact?

Katrina Top News 2005 Economic Impact

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#1 Anarch

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Posted 06 September 2005 - 04:15 PM

Silly rabbit.  You know who's in Congress.  Cut taxes, of course.

Suppose you were in Congress, however.  What sort of measures would you suggest to help the economy stay on its feet?

Edited by Anarch, 06 September 2005 - 04:24 PM.


#2 Zwolf

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Posted 06 September 2005 - 04:27 PM

I'm not sure what they can do, but they better do something.   I know that Mississippi was already just about bankrupt, and now they're losing massive money.  Every week those casinos are out of business, that's over half a million in tax dollars.  That's gonna seriously hurt.

My idiot co-worker was complaining Friday that they need to give us raises to deal with the rise in gas prices and such, and my boss 'bout snapped at her.  They'd love to give us raises, but our budget's already been cut heavily, and this disaster is really going to strain it.  

My co-worker still doesn't understand, but this is the one who thinks we fought against Russia in World War II, so there's no helping her...

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#3 Nick

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Posted 06 September 2005 - 04:43 PM

^half a billion tax dollars a day, actually.  That's $500 million.  And yeah, that's unfathomable money for a state with empty coffers and massive devastation.

As for the idiot co-worker, encourage her to conserve by only filling up half way, then filling the rest of her tank with water.  It's healthier too! (because she's less likely to be assaulted by irritated co-workers if she's stuck at home with a broken-down car!)

:D

-Nick

Edited by Nick, 06 September 2005 - 04:43 PM.


#4 Cheile

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Posted 06 September 2005 - 04:45 PM

:snort: LOWERING gas prices would help plenty.  but we all know they're too idiotic to do that.

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#5 Spectacles

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Posted 06 September 2005 - 04:49 PM

Lord, I don't know what to do, but stuff I heard today really worries me. On top of the 10 billion already approved for relief, we're looking at 40-50 billion more in the immediate future--and there's talk of taking it up to 100 billion or more. One analyst on CNN says that tallying the price tag of damage from the storm to property and commerce,  we're looking at the GDP taking a hit.  Katrina did more than Al Qaeda could hope to do.
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#6 Godeskian

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Posted 06 September 2005 - 04:54 PM

Yeah well, Al Qaeda really isn't the smartest terrorist organisation on the block as it is.

One question, has anyone given any thought to the long term financial damage that will be done if the US has to actually end up borrowing even more money for paying for this mess?

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#7 Nick

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Posted 06 September 2005 - 04:54 PM

Petroleum is traded on the global market--only way to lower prices is to increase supply (short of tapping more from the strategic reserve . . . doesn't do us much.  Still gotta refine it) or push domestic prices down by essentially paying the difference (and I'm sure those honest oil company execs would never dream of trying to cheat that system and overcharge. :rolleyes:).  Putting in price ceilings will only create shortages.

The best that can be done is to watch cautiously for price-gouging and put a lot of money and resources into rebuilding New Orleans's infrastructure to get that city back online.  We also need to expand our shipping and refining infrastructure elsewhere in the country to pick up the slack when disasters hit.  Too many of our economic eggs are in a very small geographic basket.

-Nick

Edited by Nick, 06 September 2005 - 04:55 PM.


#8 Anarch

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Posted 06 September 2005 - 06:21 PM

There's a good thread on the Oil Drum about how much margin there is for altering petroleum prices; I recommend anyone interested in that sort of thing to check it out.

#9 MuseZack

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Posted 06 September 2005 - 06:35 PM

OK, I'd recommend Keynesianism 101:

Short term, don't worry about the deficit.  Spend, spend, spend in the affected areas.  Raise taxes on upper income people back to where they were during the Clinton years if the bond markets complain.

Make sure that local people get opportunities to work in the reconstruction efforts.

Engage in a major effort to root out gouging and profiteering and make sure the bid process for reconstruction is open and transparent.

Encourage fuel conservation on a national level in a major way to help with the oil shock.  Give employers bigger incentives to encourage their people to carpool, engage in a WW2-style "Is this trip really necessary?," "When you drive alone, you drive with Hurricane Katrina" progaganda campaign, raise CAFE standards, run more bus lines from the 'burbs to employment places, etc.
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#10 Nick

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Posted 06 September 2005 - 06:37 PM

^I agree 100%.  I'm not holding my breath, though.

-Nick

#11 Spectacles

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Posted 06 September 2005 - 06:42 PM

What's astounding to me at the moment is there seems to be an abrupt shift in political winds in Washington--by necessity. This thing has devasted so many people that some policies that never should have been considered IMHO are now being rapidly reconsidered:

http://www.nytimes.c...agewanted=print
(registration required and all of it's important, so I'll paste it below)

<Nick:>I've trimmed the quote below due to copyright issues.  You'll have to click the above link to get the whole article, I'm afraid.  BTW, check out BugMeNot to get around the mandatory registration.

Quote

September 6, 2005
On Monday, Senate Majority Leader Bill Frist hastily postponed plans to push for a vote on repealing the estate tax, a move that would benefit the wealthiest 1 percent of households but would cost more than $70 billion a year once fully implemented.

House and Senate leaders are also grappling with their pre-Katrina plan to propose $35 billion in spending cuts over the next five years for entitlement programs like Medicaid, student loans, food stamps and cash welfare payments to low-income families.

Those spending cuts could suddenly prove politically unpalatable to Mr. Bush and Republican lawmakers, who are trying to rebuff criticism that the federal government shortchanged the hurricane's poorest victims

. . .

[b]"Democrats think this is the worst possible time to be cutting taxes for those at the very top and cutting the social safety net of those at the very bottom," said Thomas S. Kahn, staff director for Democrats on the House Budget Committee.

Budget analysts said the magnitude and unique characteristics of Hurricane Katrina make it unlike any previous natural disaster. These are some of the extraordinary costs:

- Providing shelter for as many as 1 million people for months or even a year.

- Assuming a potentially high share of uninsured property losses that stem from flooding, which is not covered by private insurers.

- Providing education and health care to hundreds of thousands of people forced to live outside their home states. Medicaid, which pays for health care to very low-income people, is usually a cost shared by federal and state governments. But administration officials say they expect that the federal government will pick up the full bill for people who were evacuated and that eligibility standards will be relaxed.

In addition, Democrats are trying to push through legislation that does what one of their defeated amendments to the notorious "bankruptcy reform" bill proposed: making exceptions for people bankrupted through catastrophic loss. That was defeated as an amendment along party lines. But I'm betting it passes now.

Edited by Nick, 06 September 2005 - 07:37 PM.

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#12 Lord Martock

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Posted 06 September 2005 - 06:57 PM

What sort of measures....hum.

Raise taxes.
Raise the price of gas.
Raise the prices of cars.
Raise the price of lumber to rebuild all of New Orleans.
Cut down another rain forest to get the lumber.
Raise the prices of houses around the continental US.
Make the banks take the homes and cars from the people who lost everything and are default on their loans.  Then sell anything that is left at a major profit.
Finally...give themselves (the government) big massive raises because they were so smart.

Did I miss anything?
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#13 Hibblette

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Posted 06 September 2005 - 07:44 PM

Personally I think we need to storm the castle.

Pitchforks in hand and all.

The lightning bolts have been dancing around the castle for some time and the monster is "Alive"
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#14 Lord Martock

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Posted 06 September 2005 - 08:34 PM

Hibblette, on Sep 7 2005, 12:44 AM, said:

Personally I think we need to storm the castle.

Pitchforks in hand and all.

The lightning bolts have been dancing around the castle for some time and the monster is "Alive"

<{POST_SNAPBACK}>



Thankfully the "monster" can't run for another term.
May the Schwartz be with you.
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#15 Hibblette

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Posted 06 September 2005 - 08:38 PM

Lord Martock, on Sep 6 2005, 08:34 PM, said:

Hibblette, on Sep 7 2005, 12:44 AM, said:

Personally I think we need to storm the castle.

Pitchforks in hand and all.

The lightning bolts have been dancing around the castle for some time and the monster is "Alive"

<{POST_SNAPBACK}>



Thankfully the "monster" can't run for another term.

<{POST_SNAPBACK}>


Yea but then there's those eggs on the mothership.

:devil:

Seriously...

Telling corporations to not loot the American People would be a good start.  Like Prices at the pumps.
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#16 Anarch

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Posted 06 September 2005 - 09:43 PM

Economics, people.  Economics.



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