The Financial Side Effects of Riots and Protests

The Financial Side Effects of Riots and Protests
  • American cities have experienced sustained riots since the end of May.
  • Experts believe the current unrest could be the most expensive in history.
  • Business owners in the cities are experiencing total losses in the middle of a global pandemic. 
  • City property, including police departments, is also being destroyed.

(NewsReady.com) – The riots across America have been financially devastating to cities and private citizens during a time when the country is already experiencing the economic fallout from a global pandemic. In June, insurance experts told Fox News the “demonstrations” are the most expensive events of civil unrest in US history. Now, it looks like some people will be trying to crawl out of that financial hole for years.

“In Deep Holes” For Decades

On August 16, Don Peebles, CEO of The Peebles Corporation, spoke to “Fox & Friends” about the damage from the riots. According to him, the cities that have experienced the violent unrest will be “left reeling and in deep holes” that’ll take “a decade or two to dig themselves out of.”

Peebles has good reason to believe that, especially considering the losses we already know about.

In Minneapolis, officials believe the damage is going to cost upwards of $500 million. In July, Portland authorities said the riots had cost $23 million; since that estimate, the city has seen almost two more months of sustained violence. Other cities, including Seattle and Chicago, experienced catastrophic damage, too.

And for what?

The minute the violent agitators started destroying businesses, they diverted attention away from the original reason for the unrest in the first place: racial justice. Cities will be paying for the actions of criminals for years, and the peaceful protesters who only wanted to get their message out, had their voices drowned out. So, what purpose did it serve?

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