Bush adviser says economy will weather double impact

[sabra]

http://www.chron.com/cs/CDA/ssistory.mpl/business/energy/3369387

Bush adviser says economy will weather double impact

WASHINGTON - The president's top economist said Sunday that hurricanes Katrina and Rita will have a modest impact on the U.S. economy.

Ben Bernanke, chairman of the White House Council of Economic Advisers, gave his assessment in a speech to the Institute of International Finance.

"So far, the effects appear to be relatively modest on growth," Bernanke said.

Many economists estimated that Katrina alone could shave up to a percentage point off economic activity in the second half of 2005.

[rpannier]

1. Of course it will

The rich will get richer and the poor (and middle class) well.... f**k em

[opihimoimoi]

3. "get them to eat shit, then get them to believe its good fer ya an tasty 2

[Mojorabbit]

2. I don't believe it

It will not show up right away but it will impact the economy greatly.
Hell, we are just about bankrupt as it is.

[The_Casual_Observer]

4. "So far, the effects appear to be relatively modest on growth"

What's it been, one day? Is that adviser paid to do this?

[ryanmuegge]

5. It might have quite an effect on our everyday lives.

I'm sure they'll use this to cut programs they don't agree with ideologically (various entitlements and so forth) under the guise of "cutting unecessary spending." This is similar to the Reagan strategy of running up the budget deficit to cut programs they don't like, which was probably the strategy all along, but the hurricanes will really give them a green light. Many things we take for granted may be impacted. Of course, though, god knows we can't cut military spending. Hell, he's (Bush) saying he plans to push for further "tax relief."

[GRLMGC]

6. Tax cuts

he's so full of bullshit. He's quite possibly THE most fiscally irresponsible president and he's still on his tax cuts! Grrrrr

[nadinbrzezinski]

7. Ok remember this is the bush admin

if they say the sky is blue we all need to check

They are also infamous for saying 180 of what they expect... I'm just saying get ready for the crash...

[Trillo]

8. "We can afford it" False optimism?

I'm so sick of hearing that theme from this administration. Even Greenspan admitted recently that the deficit is out of control.

[ladylibertee]

9. Don't speak too quick, I hear theres another one brewing in the

Atlantic.Anyone see the Weather channel?

[bananas]

10. Should be, "Bush incompetence will double the weather impact"

[truthisfreedom]

12. bush rejects advisor's warning weather impact will double

[lakeguy]

11. yeah, it will be GREAT for the richest 1-2% while the rest of us

foot the bill!

[rodeodance]

13. " economy will weather double impact"-odd metaphor--given our

recent weather!!---but the irony is great.

[0007]

14. So in other words, we should give the wealthy another tax

break, 'eh?

Who in the fuck are they kidding?

[Javaman]

15. Is that weather or "whether"? Maybe we will, maybe we won't...