Wednesday, October 05, 2005

Economic impact of Katrina: more unemployment

New Orleans to cut staff

According to Mayor Ray Nagin, New Orleans has to lay off as many as 3,000 workers, about 50% of its total payroll, because of the damage done to the city's finances by Hurricane Katrina. The announcement, made by Nagin on Tuesday, was a concession to a mounting financial crisis across the region that was devastated by Hurricanes Katrina and Rita. Details:

Meanwhile, the Economic Policy Institute (EPI) has prepared a memo outlining policies to guide the post-Katrina building process. According to EPI, "the recommendations cover policies for local hiring, prevailing wages, health care, training, and ensuring a voice in the process for residents of the affected areas. They mustn't be left behind again."


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5 comments:

Rose said...

We knew that the economic would suffer. It has only just begun....

Shirazi said...

New looks! I think this is more in step with the theme here.

Deb S. said...

To my blogging guru: Thank you. I am glad you approve of the new look. Send me your bill. ;-)

Reggie said...

The economic impact of any post Reaganomic pundit regime would be to make the rich a lot richer and keep the poor destitute. Job cuts were inevitable.

All the money that is flowing to the south right now will be caught by the wealthy to supply goods and services. While the poor, oh, the poor will get job cuts, be forced into unending indentured servitude and lives of crime. For the few that make it out, maybe they will join the army. Remember, the US needs fresh recruits as the next scheduled war in Iran is brewing. And please don't forget that Syria is on that short list.

Let us all pray that no more hurricanes, terrorist attacks or tax cuts should plague the American people; the rest of us around the world will definitely feel the effects...

DCS said...

Let us pray, indeed, Reggie. I think many of us knew the economic impact would be huge. We are not surprised at the high-stake commercial interests in rebuilding New Orleans. One of my big concerns is that once the city is redeveloped, the people displaced will not be able to return. They will no longer be able to afford to live in their old neighborhhoods.