CA - Economic Impact Task Force Issues Grim Prediction For L.A.

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Economic Impact Task Force Issues Grim Prediction For L.A.

(KFWB) 10.30.01, 12:22p --

The terror attacks, coupled with an economic slowdown already underway before Sept. 11, are expected to cost 76,000 Angelenos their jobs by the end of next year. An Economic Impact Task Force, chaired by Attorney George Kieffer, issued the prediction this morning.

The blue ribbon report finds that under the best case scenario, the downturn will cost the local economy $19 billion. Under the worst-case scenario, unemployment could rise to eight percent, with more than 110,000 Angelenos losing their jobs.

Kieffer wants to jump-start $4 billion in projects for which money has already been allocated.

"We estimate that these $4 billion in projects will result in approximately 11,000 new jobs," said Kieffer.

Suggestions on improving the economic picture include finding ways to help people who have already lost their jobs and launching a new campaign to bring tourists back to the city.

The panel, appointed by Mayor Jim Hahn, developed the recommendations over three weeks. In response to the report, Hahn asked the Airport Commission to restore plans to hold the Van Nuys Air show to "show the world Los Angeles is confident in the safety of its air transport system." He also ordered the Office of Economic Development to create a Business and Worker Impact Response Team to coordinate services for displaced workers and struggling businesses.

-- PHO (owennos@bigfoot.com), October 30, 2001


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