PODCAST: Freezing our economic output
Commuters wait on a snow-covered platform for an L train in the Wicker Park neighborhood on February 5, 2014 in Chicago, Illinois.
Economists are worried that the unusually snowy winter in the United States may have slowed economic growth in this country. The government releases its Gross Domestic Product estimates later in the week, and many expect the economic growth numbers to be underwhelming. But for the salt business, at least, the weather is a good thing.
Plus, the medals are taken away, the athletes are headed home, and in a spectacular closing ceremony yesterday, the 2014 Sochi Winter Olympics came to a close. The Russian government is congratulating itself on gaining the international spotlight with a prestigious event that cost more than any previous Winter Olympics: a stunning $51 billion. But residents of Sochi are wondering what will happen to all the hotels and facilities that have been built.
And future Olympic host cities are worried they may have to spend equally audacious amounts of money to live up to this year's event.