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Duh: Hurricanes Don’t Make Us Richer

September 11, 2017

A great read and and so well stated by Jeff Jacoby from The Boston Globe.

A few days earlier, Euronews had run a similar story: “Hurricane Harvey pushes up petrol prices, but ‘economic outlook positive.’” Over at Yahoo Finance, a roundup of expert opinion quoted Goldman Sachs’s Jan Hatzius, who predicted a surge in the wake of the storms, “reflecting a boost from rebuilding efforts and a catch-up in economic activity displaced during the hurricane.” The Los Angeles Times, meanwhile, focused on one particular “glint of silver lining” in all the hurricane destruction — the bonanza it would spell for car dealers: 

Floodwaters in and around Houston severely damaged or destroyed hundreds of thousands of cars and trucks, most of which will be replaced. Those new and used vehicle sales will benefit automakers and the economy, providing a glint of silver lining amid terrible tragedy.  It never fails. A terrible disaster wreaks havoc and ruin, and is promptly followed — or even, as in this case, preceded — by experts insisting that the devastation will be great for the economy.
 
Read more and…could anything be more absurd?

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