Entries in Recovery (5)


Sandy Recovery Could Be 'Most Extensive and Expensive' in US History

Mark Wilson/Getty Images(WASHINGTON) -- Recovery efforts after the widespread devastation and destruction caused by superstorm Sandy could be among the most expensive in United States history.

"We are now in the recovery mode, response and recovery," Department of Homeland Security Secretary Janet Napolitano said on Wednesday while speaking at a Washington Post forum on cybersecurity issues.  "We are moving large amounts of resources into the affected areas.  It will be one of the most -- probably, if not the most extensive and expensive, one of the most in our nation's history."

Recovery from Hurricane Katrina in 2005 has been the costliest hurricane recovery in the U.S., at nearly $106 billion, according to the National Hurricane Center.  Hurricane Andrew in 1992 cost about $45.5 billion and Ike in 2008 cost over $27 billion.

More than six million people are still without power across 17 states and Sandy is now being blamed for more than 50 deaths in the U.S.  Two million people have had power restored since Tuesday.

Napolitano said that President Obama had cancelled his campaign events over the past few days to focus on storm response efforts.

"Before it actually made landfall, we had -- and this is something we've developed over the last few years with FEMA -- pre-positioning, pre-positioning equipment, pre-positioning food and water, other things that are likely to be necessary -- pre-positioning personnel, so that as the storm clears and it is safe to go back in, we can move very, very quickly," Napolitano said.

She added that "patience" would be "the watchword of the day."

Copyright 2012 ABC News Radio


Economy Still Recovering One Year After Obama's 'Recovery Summer'

SAUL LOEB/AFP/Getty Images(WASHINGTON) -- One year ago, the White House announced its “Recovery Summer,” a six week effort to heavily promote the $787 billion American Recovery and Reinvestment Act which was intended to create new jobs and boost the economy.  With economic growth stagnating and the unemployment rate at 9.1 percent, the only ones eager to celebrate the anniversary are Congressional Republicans.

Speaker of the House John Boehner, R-Ohio, pounced on the opportunity to attack the administration’s economic policies and promote the GOP’s plan to increase job creation.

"The anniversary of President Obama’s 'Recovery Summer' publicity stunt is a good reminder that families and small businesses in Ohio and across the country can’t afford more spending and more debt -- they need more jobs. And Republicans are listening," Boehner wrote in an op-ed Friday.

“‘Recovery Summer’ fizzled, much like the ‘stimulus’ itself. Republicans have a real blueprint for job creation -- the ‘Plan for America’s Job Creators.’ What makes our plan different is that it focuses on one thing: removing government barriers to private-sector job growth,” the Speaker wrote.  “The ‘stimulus’ was all about big spending and big government -- not jobs.”

Asked about the anniversary Friday, White House Press Secretary Jay Carney defended the administration’s record: one million private sector jobs created in the last six months, more than two million in the last 17 months.

“The fact is that recovery is taking place. Growth is happening,” Carney said.  “It is not enough. I remind you that when we took office, the economy was in free fall. There was fear of a global depression. There was a contraction in the economy of greater than 6 percent quarterly. There was a loss of jobs at a pace of 700,000 a month.”

“While we are not where we want to be, we are in a better position now than we were in January of 2009 by far. And we continue to work every day to increase job creation and promote economic growth, because the hole that was dug by the recession, by the financial crisis, by the -- some of the misguided policy decisions of the previous decade is a deep one. And we’re climbing out of it, and we continue to work hard to climb out of it,” he said.

However, even the president recently joked about the job-creating potential of the stimulus. Speaking at a meeting with his Jobs Council on Monday in North Carolina, Obama quipped that those “shovel ready” projects “weren’t as shovel ready as we expected.”

Copyright 2011 ABC News Radio


Americans' Outlook on the Economy Looking on the Bright Side?

Jupiterimages/Thinkstock(NEW YORK) -- Economic growth slowed down in the first three months of this year and a new survey out Friday shows Americans have a more negative view of business conditions than they did last fall. Recovery is slow and unemployment is still high.  When ABC News asked people about the current economic conditions in their area, just 23 percent described them as good or excellent.

But findings from a new Citi Personal Wealth Management Poll show that 51 percent say conditions will get better in the next year and nearly half of Americans are say that within the next five to 10 years they believe that they will be upper middle class or well-off, despite the fact that just 16 percent of Americans describe themselves that way today.

Copyright 2011 ABC News Radio 


Report: Week Ahead Likely to Spotlight Housing as Drag on Recovery

Photo Courtesy - Getty Images(WASHINGTON) -- Experts are looking ahead to this week's economic reports, as likely to spotlight the housing slump as a continuing drag on economic recovery.  Emphasis shifted during the recession from housing to unemployment as the main culprit in slowing down recovery, but with housing still in the numerical dungeon, analysts are re-focusing there.

On Wednesday, the government will release the Housing Starts data for December.  Marketwatch reports that construction permit applications are at their lowest level since April 2009.  Joel Naroff, of Naroff Economic Advisors, told the website that construction is weak because the foreclosure crisis has hit hardest in regions where construction would naturally be strong. He said that keeps builders from starting new projects.

On Thursday, the National Association of Realtors will release the latest figures on existing home sales.  A slight rise in sales is expected, but at 3.2 percent it's just enough to bring the number to the depressed levels of 2007 and 2008.

Copyright 2011 ABC News Radio


Economy Growing But Recovery Still Muddled

Image Courtesy - ABC News(WASHINGTON) -- The government released its first look at the Gross Domestic Product for the third quarter, showing the overall economy grew at a two percent seasonally-adjusted pace.  This is exactly what economists had predicted. 

GDP is the broadest measure of the nation's economic health, accounting for all the goods and services produced by this country.  Friday's report marks the fifth quarter in a row in which the economy has expanded.  The number is subject to revision. 

Economists say the report shows a second dip into the recession is unlikely but it also shows an economy that is muddling through the recovery. 

President Obama responded to the modest new economic growth numbers with another small business event, this time at a sheet metal company in Beltsville,  Maryland. The president showed off a new report from the Department of the Treasury that claims there are still more tax breaks that would help small and medium sized businesses like the company he was visiting, Stromberg Sheet Metal, take accelerated deductions for expansion and new hiring.

Copyright 2010 ABC News Radio

ABC News Radio