The others? The so-called Great Recession, the collapse of the stock markets and economy, that also occurred in the administration of President
The latter is shaping, and shaking, our economic futures in profound ways. One of the basic metrics is supplied by economist
The dual storms in 2005 in their impact eclipsed our highly cyclical experience with the oil and gas industry, although the oil bust of the mid-1980s drove unemployment up to around the current 13%.
What are the differences in these major events? Human failings contributed, we know, to three of them: The collapse of the federally built levee system around metro
Nobody's sure if the coronavirus outbreak was the direct fault of the Chinese government but it certainly appears that the corrupt Chinese system may have contributed, as local officials were reluctant to report to higher authority, according to a new
But both Katrina and the coronavirus are at least in major parts acts of God, and the questions before us now involve what to do about our latest challenge.
Wagner's forecast of
An important economic difference:
There will be no such upside of the coronavirus recession. In fact, there is an inability of
In statistics collected by the Baton Rouge Area Chamber, consumer spending was down but not as dramatically as expected, because of the original relief bill. Without that, consumer spending will take a hit everywhere.
Recovery is our goal but with households stressed as they are, consumer spending is not now poised to help.
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