STORY:
Fixing Y2K - the Pricetag

The Commerce Department releases report on the cost of fixing computer problems

How much do you think it has cost to fix the nation’s computers in preparation for the Year 2000? The total just added up by the Commerce Department comes to 100 Billion dollars.

It’s a staggering amount and to put it in perspective let’s talk per person. If you and I had to pay to fix all the Y2K problems out of our own pockets it would cost us each 365 dollars each. The total is just a little more than the fortunes of the richest man in the world, Bill Gates.

"The greatest cost to our economy is behind us," Commerce Secretary William Daley told the Associated Press. "It is absolutely a lot of money, but the potential cost of not doing anything was far greater."

There are just six more weeks until the year 2000 and more repairs are needed especially with smaller businesses. One of Pr esident Clinton’s Y2K experts said several hundred thousand smaller companies nationwide have not done any repairs yet, a d most plan to fix the problems after they occur. Time is running short for those companies who have done nothing yet. There are now long waits for technical support and new equipment.

For all the time and money spent fixing Y2K the effect of the computer problems nationwide are predicted to be minimal. The Commerce Department predicted the impact of Y2K computer failures on the economy would be merely "something like a tangled shoelace for a world-class marathon runner."

The Commerce Department adds that our economy is in great shape and any glitches that pop up next year should not hurt our economic growth. What could affect the pattern and timing of economic growth is actually the worry about Y2K. When companies adjust inventories to hedge against possible supply problems that could change the economic growth figures.

The spending figures for Y2K repairs peaked last year and this year at about $30 Billion for both 1998 and 1999. Next year the costs should cut back to around $5 Billion.

Source: Associated Press

DATE: 11/17/99

For more E2000 stories, click here:
news | events | Y2K | today's news | life | party | stew

Marketplace
Books
Collectibles
Celebration Supplies
General Merchandise
Travel Packages