How The Oil Spill Will Affect The Economy

Here's an article from Lou Scatigna, he really seems to have a grasp on what is happening in the U.S. economy. You wont see this type of comment in the main stream media.

The Oil Spill’s Effect On Average Consumer And the Economy


by Louis Scatigna


1. Unemployment will rise significantly in the Gulf states at a time when unemployment rates in those states are already above the national average.This increase in gulf region unemployment will pull up the already high national average from 9.7% to 11-12%. Consumer spending in the reason will drop sharply as employment insecurity results in consumers holding back further damaging the regional economy.


2. Housing prices which have shown signs of stabilization will fall dramatically in the oil spill affected are, especially property on or close to the water. This will result in a dramatic increase in regional foreclosures that will threaten already weakened southern banks.


3. Toxic rain being created by gases being created by the spill is creating acid rain that has been affecting crops in the south. Expect food prices to skyrocket if this continues to get worse. There are also significant health concerns that people in the south are breathing in unhealthy levels of toxic chemicals like hydrogen sulfides, benzene and the dispersment chemical Corexit 9500A. Expect health care cost to rise if this continues.


4. The Obama administration has reacted to the spill by suspending off shore drilling and using the crisis to push cap and trade legislation. These position would most likely increase gasoline and heating oil prices by as much as 100% over time.


5. The Administration is proposing an energy tax to fund regulation and green energy initiatives. If enacted this will result in higher gasoline, heating oil, and electricity bills

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