Showing posts with label Lena Petrova. Show all posts
Showing posts with label Lena Petrova. Show all posts

Wednesday, October 9, 2024

FEMA Funding Crisis Amid Hurricane Milton Threats: Why? | Lena Petrova

North Carolina is grappling with the devastating consequences of recent Hurricane Helene, while Florida now braces for Hurricane Milton, a 'Category 5' storm with winds reaching 180 miles per hour and potential storm surges of up to 15 feet. Milton is projected to make landfall early Thursday morning. Arguably the worst part about what is just hours away is that the Federal Emergency Management Agency (FEMA) is running low on funds. 
 

Many Americans are questioning the allocation of federal resources, particularly as the government continues to send substantial aid to foreign allies, such as $18 billion to Israel and $175 billion to Ukraine, while domestic disaster response funding remains precarious. 
With back-to-back hurricanes testing FEMA's resources, a former deputy administrator warns of severe strain on the agency's capabilities.

Alejandro Mayorkas, Secretary of Homeland Security, 
overseeing immigration, disaster response, and national security efforts.

As Milton approaches, questions arise regarding FEMA's readiness to handle immediate and long-term recovery needs. The uncertainty surrounding available funds is compounded by predictions that Milton could cause unprecedented reinsurance losses, particularly if it strikes major urban areas like Tampa. 


This could result in extensive federal budget requirements to support displaced residents and rebuild critical infrastructure. The pressure on FEMA to respond effectively is mounting, with concerns about its capacity to manage the aftermath of this powerful storm.

Thursday, September 26, 2024

Looming US Supply Chains Shock in October 2024 | Lena Petrova

A devastating supply chain crisis is looming in the US, with 85,000 dock workers at 36 ports planning to start their strike on October 1st, demanding better pay and work conditions. This would impact 45-49% of US imports, affecting the entire country's port volume by over 40%. The strike would shut down five of the ten busiest ports in North America, including New York and New Jersey, which are already preparing for the strike. The strike is expected to cause shortages and delays, including retail, automotive, semiconductors, medicine and essentials, and a rise in prices due to consistent demand. A similar 11-day strike in 2002 caused the US economy to lose close to $1 billion daily and resulted in six months worth of backlogs.

 
US prepares for October Surprises.

Trade groups representing retailers, restaurants, and manufacturers are urging the administration to reverse its position, fearing severe economic impact. The International Monetary Fund warns of global trade fragmentation, making supply chains more vulnerable to disruptions. The situation is critical, with 25,000 workers prepared to strike, and negotiations between the union and US Maritime Alliance at a standstill. The White House has stated it will not prevent labor action at the ports. A strike would have long-term effects on the US economy, and its timing, just weeks prior to the November presidential elections, raises additional concerns.

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