David Kotok: BP Oil Spill Will Cause 1 Million Permanent Lost Jobs

David Kotok: BP Oil Spill Will Cause 1 Million Permanent Lost Jobs

David Kotok of Cumberland Advisors is out with the latest in his sobering, but must-read OIl Slickonomics series. This time he does some math on the direct economic impact on Gulf States.

We estimate that an extended moratorium, which we now expect to continue because of Obama political calculus, will cost up to 200,000 higher-paying jobs in the oil drilling and oil service business and that the employment multiplier of 4.7 will put the total job loss at nearly 1 million permanent employment shrinkage occurring over the next few years. Five states have a regional recession/depression development underway. Alaska could become the sixth state on the damaged list.

Continues at link

This is depressing news. Yes, the continued oil gusher is depressing too, and tragic, but we do have to go on living as best we can... but it seems that's going to take yet another major blow.