In First Weekend Of Riots, Looting Damage In 20 Major Cities Exceeded $400 Million
Looting costs in America’s 20 largest metropolitan areas exceeded $400 million from the first weekend of rioting, according to a new report from the Anderson Economic Group.
“This includes property damage, lost inventory, cleanup and reconstruction costs, and closure-related lost wages,” the report stated. “[The study] did not assign any costs to peaceful protests or demonstrations.”
The report, published June 5, used “news publications to identify where looting occurred…and estimate the total costs of looting between May 29 and June 3.” The report authors say this value could be severely underestimated.
“Our estimates are based on observed patterns of looting in the 20 largest metropolitan areas across the country. We did not estimate costs in smaller metro areas that may have also experienced looting,” stated Brian Peterson, the firm’s director of public policy and economic analysis. “Furthermore, our estimates do not include costs to state or local governments that experienced property damage or incurred increased emergency service costs.”
According to an approximation given to Market Watch by Property Claim Services, damage incurred by riots in just Minnesota could total more than $25 million.
“We hope that those businesses that experienced looting and damage will be able to bounce back, but we know that some will not make it,” said Peterson. “That means empty storefronts and the loss of jobs at those businesses, which ultimately hurts local communities.”
The corporate media, however, has downplayed the violence and destruction, claiming protests around the nation have been misrepresented as not peaceful. Despite the clear mob mentality of many of the recent riots, one article in The New York Times claimed “Mr. Trump and his allies have tried to discredit the protests by focusing on some isolated incidents of violence.”
One MSNBC anchor also shared a company directive ordering reporters to label violence as
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