Published August 26, 2011
White House Travel Pool
President Obama delivers a statement on Hurricane Irene in Martha’s Vineyard Aug. 26.
President Obama’s been blaming “bad luck” lately for the state of the economy. Then along comes Hurricane Irene.
The storm that already has lashed the Bahamas was making its way toward the North Carolina coast Friday. Thousands of people were under evacuation orders as governors all along the East Coast declared a state of emergency.
The potential effect from natural disasters like this is a mixed bag. They can cause billions in property damage, sap up government resources, trigger a rise in gas prices and cut down on productivity in the near-term. Irene’s bill may be inflated by its presumed landfall along the East Coast, where property values are high.