View Full Version : Cost to US economy could be ten times greater than 9/11

September 10th, 2005, 01:23 AM
http://news.independent.co.uk/world/americas/article311045.ece (http://news.independent.co.uk/world/americas/article311045.ece)

Hurricane Katrina will be by far the costliest disaster in United States history, requiring $150bn (81bn) to $200bn in relief, clean-up and reconstruction spending by the federal government, and causing the short-term loss of some 400,000 jobs.

September 10th, 2005, 09:36 AM
Tell me about it. I work in the travel industry. And many of us are really worried about our job security. Certainly, we're bound to still get business travelers, however, I think leisure travel will be on a rapid decline. I wasn't working in the industry directly after 9/11, but i've heard how difficult it was then. And with the gas prices, and possible shortages, tighter state budgets as a result of caring for the victims of katrina choosing to settle in other states, and of course, the IMMEDIATE job losses as a direct result of Katrina...we're facing a very, very difficult, and unknown future. And if it's effecting travel, it's going to effect retail too.

In the days immediately following Katrina, mixed with the stunned agony of watching these people in the midst of their tragedy, also came a sickening feeling in the pit of my stomach, that America is headed back into the days of the Great Depression. Remember reading "Grapes of Wrath?". Well, I really don't think we're going to be too far away from that, as far as the economy is concerned..minus of course, a great drought. Many people are currently saying that this is a wake up call for americans who have gotten very used to living in the lap of luxury. We'll all have to learn to tighten our belts just a little bit more. And I think it would behoove us all, to start thinking of ways that we can save our dollars, from the gasoline and energy we are using, to cutting down on our cellphone plans, to using coupons and sales in grocery stores to shave dollars off our budget, to using our own banks ATM's to avoid the 1.50 service fee. Alot of us have played fast and loose with our money, for a long time, probably without even realizing we've been doing it. Now's the time to learn how to be a little more frugal.

It sort of feels like America is becoming a fallen empire, falling along the lines of Rome. I didn't think it would happen in my life time, but at this point, I'm really not so sure anymore.

September 11th, 2005, 09:50 AM
I don't doubt it will be more costly. In 9-11, we lost two buildings and had a third damaged. The human costs were enormous, but the actual monetary costs weren't anywhere near as high as rebuilding an entire city from the ground up. Not to mention caring for the survivors of New Orleans for months, possibly years, until the city is rebuilt. That's another problem we didn't really have in 9-11. The survivors of 9-11, by and large, could just go home. The people of New Orleans can't.