This Idiocy and mindless dribble is up there with Bloomberg's declaration of 'the currency crisis will strengthen the Economy.'

http://blogs.wsj.com/economics/2010/06/15/oil-spill-may-end-up-lift...




The continuing oil spill in the Gulf of Mexico could end up adding a bit of growth to the U.S. economy as the huge cleanup efforts in some
ways outweigh negative factors, analysts at J.P. Morgan Chase said.

Underlining that gross domestic product measures are often not a good guide to an economy’s well being, the bank said in a research note its best guess is that the impact on the U.S. economy of BP’s Gulf Coast spill would be minimal.

“The spill clearly implies a lot of economic hardship in some locations, but given what we know today, the magnitude of these setbacks looks dwarfed by the scale of the US macroeconomy,” said chief
U.S. economist Michael Feroli. If anything, he added, U.S. GDP could gain slightly from it.

The six-month moratorium on deep-water drilling may cut U.S. oil production by around 3% in 2011 and cost more than 3,000 jobs, according to J.P. Morgan’s energy analysts.

Commercial fishing in the Gulf is also likely to suffer, but that’s only about 0.005% of U.S. GDP. The impact on tourism is the hardest to measure, although it’s fair to expect that many hotel workers who lose
their jobs will find it hard to get new ones.

Still, cleaning up the spill will likely be enough to slightly offset the negative impact of all this on GDP, J.P. Morgan said. The bank cites estimates of 4,000 unemployed people hired for the cleanup
efforts, which some reports have said could be worth between $3 and $6
billion.

“If realized, this would likely mean a near- to medium-term boost to activity that might offset the drags,” Feroli said.

U.S. Democrats Monday asked BP to set aside $20 billion in a special account to be used to pay for economic damages and cleanup costs. President Barack Obama said on Monday that his administration has begun “preliminary conversations” with BP about setting up such a fund.


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Replies to This Discussion

Another thing you forgot. The US Economy is entirely based on consumers. The only thing propping up the dollar and the Economy is people buying things, and putting themselves into even further debt. So, no, the whole ambulance, travel, funeral, and what not, would not lift the economy upwards at all. All the things you've suggested would actually cause a faster and harder decline in the economy. Where's all the oil going to come from to fuel those ambulances to go back and forth from the hospital to the disaster. Also, privatized hospital bills, not very cheap, for the tax payer that is, and seeing as the economy is entirely based on your purchasing power, and ability to spend spend spend, that would also not work. But, I do agree, and can say, that yes, the funeral part would work. For there would be less people, meaning, less debt, and one less person to worry about purchasing power ability, and having to pay for a program for them during their period alive (health care, car insurance, home insurance, etc.)

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