Skip to comments.New York economy takes MULTI-BILLION hit from Hurricane Irene
Posted on 08/28/2011 11:39:05 AM PDT by Free ThinkerNY
New York is deserted today on what should be one of its busiest weekends for tourism of the year, as businesses count the cost of a four-day city shutdown after Hurricane Irene forced people indoors.
Retailers will make heavy losses because of a shutdown on one of the last weekends before children go back to school - and one of the most popular times for tourists to visit.
But it might have been worse for New York City, as a direct hit by the damage-wreaking hurricane could have cost it up to $35billion in damage and increased the chance of a double-dip recession.
However C. Britt Beemer, of America's Research Group, told MailOnline losses will be catastrophic for businesses, as this weekend would have seen 10 per cent of back-to-school shopping.
It's catastrophic because you basically lose all the volume you were going to do, he said. Many people in the U.S. are getting ready for the kids to go back to school.
(Excerpt) Read more at dailymail.co.uk ...
Teachable moment for “back-to-school”, I’d venture.
Move to Texas.
I wonder how much of that is from Bloomberg shutting the city down for a day? How much loss from his over-reaction?
I get the losses from tourism and direct damage, but back-to-school? Are those parents going to not bother buying their kids’ school supplies now?
I’m not buying these huge losses. Some people might not spend money at the local resort for a weekend but unless they bury this money in a hole, that money will be spend somewhere else. And that will help the economy. The losses are in the physical damage that was done to both public and private property. That’s a real loss. But because a Casino lost some business for a weekend, I don’t believe that’s a big deal overall. These losses are an exaggeration and perhaps a ploy to get more Federal money.
Back to school shopping wwill be made up...You think the kids are going to school with no pencils and paper?
Instead of bitchin about it, they should be praising God that they missed the real chaos that would have occured if it had maintained strength...
Ditto! The parents will get their shopping done, just not when the libs command them to. I’m sure NY will survive, probably on the backs of taxpayers.
New Yorkers are a bunch of ussypays.
How can they count someone not buying as a loss? This kind of wordsmithing annoys the heck out of me.
The spending is simply delayed, this is not really a negative. The money not spent today doesn’t simply disappear, there is no expiration date on our money, yet
Not to worry I’m sure bloomie will solve this economic problem by increasing revenue with a brand new tax! There problem solved.../sarcasm
Self-fulfilling hype — the perfect postmodern storm.
New Yorkers, businessmen, bankers, stock brokers, store owners.....you voted for the asshole. Don’t complain when he hypes up a situation that causes you financial loss, all because he didn’t want the media to concentrate on his miserable image and poll numbers.....deal with it and keep your mouths shut.
So maybe next week will see 20% of back to school shopping. Sheesh.
BTW just how long is the “back to school” shopping season? Four weeks, maybe? I would expect far more than 10% of it would fall within any given week.
Still not as bad as the “multi-billion hit” it took from the Obama coronation. Those east coasters may want to consider this a dry run (or wet run) for the new norm of being without electricity once Barry and his ‘RATS close down all the power plants. It’s coming.
New York comes way out ahead as a result of the storm. The damages were at the most $10 billion but could have been as much as $35 billion generating a savings over $25 million.
Subtract $10 billion from $35 billion and NY is at least $25 billion ahead.
But I thought a disaster would be GOOD for the economy. Stimulus spending and all that.....
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