Baltimore bridge collapse: Economists predict inflation 'pinch' for American consumers
Maryland Motor Truck Association President and CEO Louis Campion discusses the impact of the Francis Scott Key Bridge collapse on truck and shipping routes on 'The Bottom Line.'
Economists are predicting that Americans will feel a «pinch» in terms of their grocery bills, gas prices and other goods as local shipping and maritime traffic remain snarled Thursday following the collapse of the Francis Scott Key Bridge in Baltimore.
FreedomWorks Senior Economic Contributor Steve Moore told FOX Business on Thursday that the disaster is «clearly a blow to the supply chain problems that we already have under [President] Biden» and that «we could see prices rise because a huge percentage of the cargo on the East Coast that's shipped in is at Baltimore Harbor.»
«People will feel a pinch in terms of their grocery bills, in their gas prices and things of that nature as a result of this bridge collapse,» he said. «The longer it goes on, the longer it takes to rebuild it, the worse the impact will be.»
«I think the real question is how long this takes to get the bridge back up. And it’s not just the cargo that comes in on ships, that Northeast corridor is dependent on these bridges, too, in terms of the trucking. Trucks are also a major part of our transportation infrastructure,» Moore added. «And to go around the bridge is going to add a lot of time to getting goods and services to the stores and to the warehouses. This is a blow to the economy.»
ECONOMIC IMPACT FROM BALTIMORE BRIDGE COLLAPSE WILL BE LONG-LASTING, TRADE GROUP WARNS
A U.S. Army Corps of Engineers boat passes the wreckage of the Dali cargo ship in Baltimore on Wednesday. (Reuters/Mike Segar / Reuters Photos)
Francesco Bianchi, a professor of economics and
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