Friday, October 07, 2005


Maybe Barbara Bush Was Right?!

"And so many of the people in the arena here, you know, were underprivileged anyway, so this – this [she chuckles slightly] is working very well for them.”

Yes, let them eat cake Barbara. But it appears that the fallout from Katrina wasn't as bad as expected, at least according to this report. I find it odd, however, that a city of 400,000 people can be evacuated and basically shut down and the only impact is a net loss of 35,000 jobs. What gives?

Perhaps there are two factors at work here. First, and very plausible, is that the massive displacement of people has not yet been picked up in DOL statistics due to the typical red tape and bizzare filing requirements. On the other hand, the America economy is so dynamic and there is such a need for workers that perhaps a lot of these folks have picked up other employment in the areas they were evacuated to (which does not bode well for resettling NOLA). Finally, this surprisingly low number could be a result of the fact that many organizations have pledged to pay their employees for up to 90 days following the hurricane, which is a threshold we hav not yet reached. More likely is a combination of all three. Either way I still think it is way to early to rejoice about the numbers...Sorry Babs.

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