Topic of Sandy Re-Introduced

The topic on Super Storm Sandy is once again introduced when decisions on rebuilding the affected areas are once again brought up. The storm, which occurred on October 29th 2012, has brought many trouble which included: the lost of power for many, destroyed houses, and deterioration of mass transit. Despite the clear indication of much needed funds, actions were not taken right away. However, since re-election is coming up for Governor Christie, his actions towards the storm is once again reinstated. He said that: we shall not inspect where the nature has a hard impact but rather allocate the time and funds to rebuild the affected areas.

The damage of the storm has taken a big toll on New Jersey’s tax revenue. Super-storm Sandy has costed 5 billion in just property damage, which results in a lost of over $77 million dollar in tax revenue.

The effort to rebuild the destroyed area results from a strong interest in the amount of tourist revenue generate every year. New Jersey’s statewide revenue on tourism spending and investments sums up to over $40 billion last year, before the occurrence of super-storm Sandy. Governor Christie proposed a $25 million dollar advertising campaign in his attempt to allure tourist back.

Written by: Victor To

Source: http://www.bloomberg.com/news/2013-04-03/sandy-tax-gutting-fuels-christie-rebuild-as-cuomo-seeks-buyouts.html

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