Kind of reminds you of Sioux Falls economic recovery after the recession

Wall Street Journal, “An Unfinished Riff: The New Orleans Economy Ten Years After Katrina,” by Leslie Eaton and Cameron McWhirter:  “In the years since the storm forced out about half the metropolitan area’s residents, the population has rebounded to 1.25 million people, 90% of its pre-Katrina level…But as the $135 billion rebuilding winds down, federal employment data reveal a local economy increasingly skewed to low-wage jobs, especially restaurant work, one of the few sectors now employing more people than before Katrina. Those jobs drag down average incomes, analysts say, widening the economic divide between whites, who are generally richer than before, and blacks, who aren’t.”



1 comment so far ↓

#1 The D@ily Spin on 08.27.15 at 2:26 pm

The boom after Katrina led to fed funds corruption for Ray Nagle, the mayor. He’s doing 20 years in prison. The Sioux Falls boom is subject to similar corruption. I question how the mayor has become a multimillionaire in 5 years. Investments can’t be the reason. The economy is tranquil. There’s been lots of noncompetitive bid city contracts and suspicious real estate deals. Now there’s 30 million in federal funds delegated to the city for the Railroad property project. I suggest the council supervise a thorough and complete audit before the end of Huether’s term. He’s created half a billion in debt without there being proper reports from city finance. They should also pay attention to how new federal money is spent. How is it possible for one mayor to spend half a billion dollars?