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  1. #1
    Jdawg50's Avatar
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    Hurricane Expected to Cost Government Up to $100 Billion

    Hurricane Expected to Cost Government Up to $100 Billion
    By EDMUND L. ANDREWS
    WASHINGTON, Sept. 6 - The federal government's costs related to Hurricane Katrina could easily approach $100 billion, many times as much as for any other natural disaster or the $21 billion allocated for New York City after the terrorist attacks of Sept. 11, 2001.

    "There is no question but that the costs of this are going to exceed the costs of New York City after 9/11 by a significant multiple," predicted Senator Judd Gregg, Republican of New Hampshire and chairman of the Senate Budget Committee.

    Administration officials said today that rescue and relief operations in Louisiana and Alabama are costing well over $500 million a day and are continuing to rise.

    Less than four days after Congress approved $10.5 billion in emergency assistance, White House officials said they would be asking for an even bigger amount in the next day or two.

    News agencies, quoting congressional officials, said President Bush is likely to ask for an additional $40 billion. But administration officials said that even their second request will itself be only a "stop gap" measure while officials try to make a comprehensive estimate.

    Though it is still too early for specific estimates, the costs are all but certain to wreak havoc with Mr. Bush's plans to reduce the federal deficit and possibly his plans to further cut taxes.

    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.

    "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.

    "Katrina could easily become a milestone in the history of the federal budget," said Stanley Collender, a longtime Washington budget analyst. "Policies that never would have been considered before could now become standard."

    http://www.nytimes.com/2005/09/06/na...gewanted=print

  2. #2
    Badgerman's Avatar
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    You just watch......the economy will WIN because of this......the dollars will be spent at home......HOWEVER.......I heard halliburton already has their finger in the pie........more fraud on its way

  3. #3
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    Quote Originally Posted by Badgerman
    You just watch......the economy will WIN because of this......the dollars will be spent at home......HOWEVER.......I heard halliburton already has their finger in the pie........more fraud on its way
    Here's a thought Badgerman..... Try a seach on google... instead of NPR, Moveon.org, or Michaelmoore.com


    http://news.yahoo.com/s/nm/20050906/...atrina_snow_dc


    Katrina could slow GDP growth by 0.5 pct Tue Sep 6, 6:57 PM ET



    WASHINGTON (Reuters) - Costlier fuel prices and damage to businesses following Hurricane Katrina could slow U.S. economic growth by around a half-percentage point over the rest of the year, Treasury Secretary John Snow said on Tuesday.


    "It would seem to make sense to think that we could see loss of GDP (gross domestic product) growth rate in the quarters ahead of, oh, a half a percent or so," he told reporters after meeting with bank and financial regulators.

    In 2006, however, stimulus to the economy from rebuilding in areas damaged by the storm are estimated to raise GDP growth by 0.5 percentage point, he said.

  4. #4
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    Quote Originally Posted by Jdawg50
    Here's a thought Badgerman..... Try a seach on google... instead of NPR, Moveon.org, or Michaelmoore.com


    http://news.yahoo.com/s/nm/20050906/...atrina_snow_dc


    Katrina could slow GDP growth by 0.5 pct Tue Sep 6, 6:57 PM ET



    WASHINGTON (Reuters) - Costlier fuel prices and damage to businesses following Hurricane Katrina could slow U.S. economic growth by around a half-percentage point over the rest of the year, Treasury Secretary John Snow said on Tuesday.


    "It would seem to make sense to think that we could see loss of GDP (gross domestic product) growth rate in the quarters ahead of, oh, a half a percent or so," he told reporters after meeting with bank and financial regulators.

    In 2006, however, stimulus to the economy from rebuilding in areas damaged by the storm are estimated to raise GDP growth by 0.5 percentage point, he said.
    How come it would slow the GDP? i should have listened in ECON

  5. #5
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    Quote Originally Posted by abstrack
    How come it would slow the GDP? i should have listened in ECON
    LOL

  6. #6
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    Like economists really know what the hell is going on.......

  7. #7
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    If they knew they'd be the RICHEST PEOPLE in the nation with all their foreknowledge

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