Weather Economy

Rebuilding after Sandy in an age of austerity

Marketplace Contributor Nov 1, 2012
HTML EMBED:
COPY
Weather Economy

Rebuilding after Sandy in an age of austerity

Marketplace Contributor Nov 1, 2012
HTML EMBED:
COPY

After the storm crashed into New Jersey, Governor Chris Christie saw the washed out boardwalk at Seaside Heights and made a promise: “We will rebuild it. There’s not a question in my mind we will rebuild it.” 

Boardwalks, tunnels, roads — you name it, Sandy destroyed it. Storm damage is now soaring into the tens of billions of dollars. Scott Pattison, of the National Association of State Budget Officers, says the expense comes at a really bad time, “If we were in a really great boon and had extra cash at the state level, it would be different. But because every dollar counts, any disaster now makes it very difficult on state and local budgets.”

The good news? The federal government will probably reimburse states like New Jersey and New York for at least 75 percent. But, then there’s the rest of it. Pattison says the solutions aren’t great. States could issue debt with municipal bonds, raise taxes or cut public services from the budget.

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.