The number of workers claiming unemployment benefit as a result of Katrina rose to 214,000, according to figures to official data on Thursday. This pushed the number of first time claimants to 432,000, its highest level in two years. Economists had been braced for an even higher figure of 450,000. Many believe the claims will rise even higher, as more people displaced by Katrina are able to file for support.
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Katrina has brought about an undoing of the American worker. According to the FT.com's own analysis, unemployment is roughly 15 times higher than a healthy economy. Add this to the threats to home owner's equity, their pension plans, a 12.7% increase in people living under the poverty line, bringing the total to 37 million Americans, Hurricanes Katrina and Rita promising a one-two punch to the highest gas prices every seen in America and a likely recession to match, and $50 billion in cuts to Medicaid, how bad can it get?
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