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Monday, September 01, 2008
Author Chronicles Economic, Personal Effects of Hurricane
Joanna Ossinger
FOXBusiness
If you want to know what it’s like to ride out a hurricane in the marshes of Louisiana, or even what economic effects to watch for, Ken Wells is a good person to ask.
Wells, who knows a thing or two about hurricanes (he’s a Louisiana native and covered Hurricane Katrina for The Wall Street Journal), just published “The Good Pirates of the Forgotten Bayous,” which chronicles the experience of two fishermen cousins riding out that fateful 2005 storm and trying to rebuild in its aftermath.
He said that the two main economic factors to watch in Hurricane Gustav, or any storm in this area, would be what happens to the oil terminal at Port Fourchon and where the water and the storm surges go.
Port Fourchon, which supports close to 20% of the U.S.’s oil and gas refining capacity and nearly 25% of Louisiana’s commercial fishing catch, could be right in the path of the storm. There’s a lot of concern about the oil rigs in the Gulf of Mexico -- and they could be in for a beating -- but real damage to Port Fourchon could send gas prices much higher.
“If this terminal gets damaged, it’s bad news for America, not just for Louisiana,” Wells said.
As for the water and storm surges, if they’re worst in areas with a lot of marshland things might be OK -- but if they target New Orleans again, or any other vulnerable areas, there could be a lot of misery and rebuilding ahead.
FOX Translator
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Sure, we know some of you are saying the term "marriage penalty" is redundant. In fact, of all the costs associated with getting married (have you seen the cost of a wedding cake lately?), the marriage penalty can be the worst.
Here's how it works: Mr. and Mrs. Right walk down the aisle in wedded bliss and suddenly they¿re a two-income household. If both make roughly the same amount of money, they can be pushed into a higher tax bracket. That's bad, since the higher the bracket, the higher the tax. So, if both were single, they'd end up writing two smaller checks to the tax man that, if combined, would add up to less than the giant check they write in a state of wedded bliss.
Is that fair? We're not touching that, but there is a flip side that few people talk about. The marriage penalty only kicks in if both members of the couple make close to the same amount of money. If there's a big disparity in pay, there's actually a tax advantage. Call it the marriage bonus.
And, it¿s important to remember that there are other financial benefits, such as lower life-insurance rates or health care premiums, that can make up for the extra tax couples pay. So don't let Uncle Sam stop you from saying, "I do."
