(10-23-2020 11:36 PM)BEARCATDALE Wrote: 9.8 million jobs or 5.6 percent of total U.S. employment
It’s OK, because OMB.
There was an oil recession in Texas in 1982-83. Prices were projected to go to $100/bbl and started to drop. Thousands of oil & gas workers lost their jobs. Some white collar jobs disappeared, but it was mostly blue collar.
There was a townhouse I bought in 83 for 66k. It had been 80k in 82. It was 40k in 84. But then in 1986 when it looked like things would recover and oil was $40/bbl, it dropped to $10/bbl overnight. An identical townhouse sold for 12k. Over 80% of the units were either foreclosed or the owners walked.
Its estimated 1 in 4 people in Houston lost their jobs at some point in 1986 as it was no longer primarily blue collar workers losing their jobs. Unemployment peaked at 13%. Of the 10 largest banks in Texas, only #10 Frost survived. The others (Texas Commerce to Chase) sold out before the collapse or were acquired with the help of the FDIC. Every major S&L failed. Thousands of people lost all equity in their homes. Neighborhoods collapsed. My neighborhood went from a nice middle class area to one of the most dangerous places in Houston. It had a lot of apartments and townhouses and those just never recovered.
And that was with a drop in prices, not a complete elimination of the industry. Biden shouldn't get any more votes in Texas than the 26% Hillary got in West Virginia after Hillary promised to throw a bunch of coal miners out of work.
Fossil fuels are an essential part of the Texas, Louisiana, New Mexico, Alaska and Oklahoma economies. They are also huge in Wyoming, North Dakota, Ohio, Pennsylvania, West Virginia and Kentucky. They're pretty substantial in California and New Jersey (refining). Biden's plan is to wipe out the economies of 20% of the states. That would make 2008 look like a picnic as it would spread nationally, just as the 1986 Texas recession was much worse than 2008.