Economist and author Julia Pollak said Friday on Fox Business Network’s “Mornings With Maria” that the devastating California wildfires could become the “costliest disaster” in U.S. history.
Host Maria Bartiromo said, “On policy, Julia Pollack, jump in here because we’ve been talking about these devastating LA wildfires which of course forced you to evacuate. Julia, I’m wondering if the next step in Washington is going to be in the enactment of disaster relief legislation to pay for the rebuilding of infrastructure and to pay for emergency housing and replenish FEMA. How does that weigh into the economic backdrop right now?”
Pollak said, “Absolutely. So this disaster already is the seventh costliest in U.S. history and because it is so far from being contained, it could soon rise to being the costliest disaster. It will have a significant impact and have a fiscal effect as well. ”
She added, “This comes at a time when actually I think we’re seeing some glimmers of hope in the labor market. The Fed’s 100 basis points and cuts are translating into some improvements in the real economy already. Banks have become more open to lending to consumers. Home equity line of credit balances are rising as consumers are able to tap that huge amount of home equity they’ve built up. We’re seeing total vehicle sales go up. People are buying big ticket items more. It was the labor market that was lagging and that wasn’t quite catching up yet. But this report suggests perhaps that the rebound after a two-year slowdown in the labor market is beginning.”
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