Hurricane Katrina Aftermath
It has been 8 years since the devastation of Hurricane Katrina. The actual loss from Katrina has been between $96 and $125 billion. Some have estimated as much as $250 billion. It is hard to imagine from this situation, which can be a winner or a loser. The unfortunate are the ones who have lost their homes and loved ones. An estimated 300,000 homes have been destroyed, as well as debris and devastation that has been left behind. Katrina destroyed 113 offshore oil and gas platforms and damaged 457 gas and oil lines. This of course has caused gas and oil prices to rise, which is not good for any of us. I believe that the construction industry and their suppliers benefitted from all of this. Their services and supplies were in great demand. There was an increase in lumber and steel manufacturing sales.
Influx of Illegal Immigrants in the U.S.
In roughly ten years 40 million illegal immigrants are projected to be in the U.S. Who benefits from this? The employers do. They already hire millions of illegals. Mass legalization will add to the pool of cheap compliant labor for the employers to choose from. Some of these employers can hire low skilled workers that needn’t speak English (construction, landscaping restaurant). Unfortunately I had a cousin that employed an illegal immigrant to wash dishes in their restaurant. Already knowing what my cousin was like, I as almost positive that this man didn’t even get minimum wage. These illegal workers also benefit from this. They earn about eight times as much in the U.S. than the average worker in Mexico.
Who loses out on work? The legal residents of the U.S., both immigrant and native born, who don’t have a high school diploma will lose out on work. The massive influx of low skilled illegals will decrease the need for low-skilled legal residents. For example: in the furniture industry, completion from immigrant laden plants in Southern California closed all the unionized plants in...