December 21, 2007
WGA strike taking toll on L.A.
According to Variety, The WGA strike will wind up costing the local economy anywhere from $380 million to $2.5 billion, depending on how long it goes on and who's doing the forecasting.
The dent put on Los Angeles County's economy by the now 7-week-old strike was the subject of a 75-minute hearing held Wednesday ayem at City Hall by the L.A. City Council's Housing Community and Economic Development committee.
... Factoring in the lost wages of idled writers and the multiplier effect on a wide range of support businesses, the strike has cost L.A. County more than $342.7 million and counting, Jack Kyser, chief economist with the Los Angeles County Economic Development Corp., told the committee, based on calculations he made as of Tuesday.
The last WGA strike, which ran five months in 1988, resulted in a $500 million loss at a time when the biz employed about 80,000 locals."
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