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I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

by ericd 4y ago

Lammy 4y ago
Creating some more numbers costs us nothing — that number would be better measured against the accruing negative value of Florida’s (and other coastal states’) economic downtime instead of as a thing with any worth of its own: https://web.archive.org/web/20220104144948/https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx https://web.archive.org/web/20220104144948/https://www.treas... “Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.”
- ericd 4y ago
  Thanks for the lecture on fiat currency, but it’s valuable because will do work for it, and because international oil purchases are denominated in it. Read up on the petrodollar system if you’re interested. And devaluing it is not without cost, inflation causes all sorts of turmoil.
jliptzin 4y ago
They’re gonna need a lot of cheap labor to rebuild. Maybe they should charter a flight to bring some immigrants from Martha’s Vineyard
- umeshunni 4y ago
  Not necessary - Florida's got a ton of illegals to do that work.
  - deleted 4y ago
    [deleted]
- giantg2 4y ago
  Cheap labor, cheap construction... similar damages next time a hurricane rolls through With that sort of model they might as well build permanent cement pads sith disposable houses constructed on top
- wellthatsawrap1 4y ago
  Or not send 80B to Ukraine
deleted 4y ago
[deleted]
umeshunni 4y ago
but the hurricane impacted something like 40 million people, so in reality, the cost is something like $2500 per person.
- Jtsummers 4y ago
  "Impacted" has a very wide spread. My sister lost 3 boards from her fence, but they only went about 10' so she really just needs a few nails. Parts and fuel (to get to the hardware store, fuel will probably be the most expensive part of it) will be a couple bucks. Closer to the coast from where she lives, people lost their homes. So $2500/person isn't a terribly useful number when some people will be done after 5 minutes and $5 of repairs, and others need to rebuild or move.
- lotsofpulp 4y ago
  Surely 40M people did not experience loss. I have family in Tampa that said nothing happened other than wind and rain.

I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

by ericd 4y ago

I know COVID stimulus has numbed people to large numbers, but $100B is a huge amount of money. It's two million people working for a year at $50k salary

Lammy 4y ago

Creating some more numbers costs us nothing — that number would be better measured against the accruing negative value of Florida’s (and other coastal states’) economic downtime instead of as a thing with any worth of its own: https://web.archive.org/web/20220104144948/https://www.treasury.gov/resource-center/faqs/Currency/Pages/legal-tender.aspx https://web.archive.org/web/20220104144948/https://www.treas... “Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy. In another sense, because they are legal tender, Federal Reserve notes are "backed" by all the goods and services in the economy.”

ericd 4y ago
Thanks for the lecture on fiat currency, but it’s valuable because will do work for it, and because international oil purchases are denominated in it. Read up on the petrodollar system if you’re interested. And devaluing it is not without cost, inflation causes all sorts of turmoil.

jliptzin 4y ago

They’re gonna need a lot of cheap labor to rebuild. Maybe they should charter a flight to bring some immigrants from Martha’s Vineyard

umeshunni 4y ago
Not necessary - Florida's got a ton of illegals to do that work.
- deleted 4y ago
  [deleted]
giantg2 4y ago
Cheap labor, cheap construction... similar damages next time a hurricane rolls through With that sort of model they might as well build permanent cement pads sith disposable houses constructed on top
wellthatsawrap1 4y ago
Or not send 80B to Ukraine

deleted 4y ago

[deleted]

umeshunni 4y ago

but the hurricane impacted something like 40 million people, so in reality, the cost is something like $2500 per person.

Jtsummers 4y ago
"Impacted" has a very wide spread. My sister lost 3 boards from her fence, but they only went about 10' so she really just needs a few nails. Parts and fuel (to get to the hardware store, fuel will probably be the most expensive part of it) will be a couple bucks. Closer to the coast from where she lives, people lost their homes. So $2500/person isn't a terribly useful number when some people will be done after 5 minutes and $5 of repairs, and others need to rebuild or move.
lotsofpulp 4y ago
Surely 40M people did not experience loss. I have family in Tampa that said nothing happened other than wind and rain.