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During an appearance on Fox Business Network’s “Mornings With Maria,” economist Julia Pollak expressed her view that the devastating wildfires ravaging California could potentially become the costliest disaster in the nation’s history. Host Maria Bartiromo raised the question of whether policymakers in Washington would enact disaster relief legislation to fund the rebuilding of infrastructure, provide emergency housing, and replenish FEMA’s resources in the aftermath of the fires.
The fires in California will cost around $52 billion in damages
The most expensive natural disaster in California’s history pic.twitter.com/OgfCnsneZK
— BAY AREA STATE OF MIND (@YayAreaNews) January 9, 2025
Pollak responded affirmatively, stating, “This disaster already ranks as the seventh costliest in U.S. history, and because it is still far from being contained, it could soon escalate to become the most expensive disaster on record. It will undoubtedly have a significant economic impact and fiscal implications.”
These should be called the Shell fires, the Exxon Mobil fires, the DAPL Pipeline fires! The oil profits were not worth it!
Los Angeles 2025…
Drone footage shows widespread destruction in Los Angeles, with entire neighborhoods reduced to ash.
The damage so far could cost… pic.twitter.com/nVd5XtJvV0
— General Strike 🍀(Terrence Daniels) (@Terrence_STR) January 9, 2025
She further added, “This calamity arrives at a time when we’re actually witnessing some encouraging signs in the labor market. The Federal Reserve’s 100 basis point rate cuts appear to be translating into improvements in the real economy. Banks have become more amenable to lending to consumers, and home equity line of credit balances are rising as individuals tap into the substantial home equity they’ve accumulated. We’re observing an uptick in total vehicle sales, and people are purchasing big-ticket items more readily. However, the labor market was lagging behind and had yet to fully catch up. But this report suggests that perhaps the rebound after a two-year slowdown in the labor market is beginning to manifest.”
