Results 1 to 2 of 2

Thread: NY Times article on national flood insurance and moral hazard

  1. #1

    NY Times article on national flood insurance and moral hazard

    As Coasts Rebuild and U.S. Pays, Repeatedly, the Critics Ask Why

    DAUPHIN ISLAND, Ala. — Even in the off season, the pastel beach houses lining a skinny strip of sand here are a testament to the good life.

    They are also a monument to the generosity of the federal government.

    The western end of this Gulf Coast island has proved to be one of the most hazardous places in the country for waterfront property. Since 1979, nearly a dozen hurricanes and large storms have rolled in and knocked down houses, chewed up sewers and water pipes and hurled sand onto the roads.

    Yet time and again, checks from Washington have allowed the town to put itself back together.

    Across the nation, tens of billions of tax dollars have been spent on subsidizing coastal reconstruction in the aftermath of storms, usually with little consideration of whether it actually makes sense to keep rebuilding in disaster-prone areas. If history is any guide, a large fraction of the federal money allotted to New York, New Jersey and other states recovering from Hurricane Sandy — an amount that could exceed $30 billion — will be used the same way.

    Tax money will go toward putting things back as they were, essentially duplicating the vulnerability that existed before the hurricane.

    “We’re Americans, damn it,” said Robert S. Young, a North Carolina geologist who has studied the way communities like Dauphin Island respond to storms. “Retreat is a dirty word.”

    This island community of roughly 1,300 year-round residents has become a symbol of that reflexive policy.

    Like many other beachfront towns, Dauphin Island has benefited from the Stafford Act, a federal law that taps the United States Treasury for 75 percent or more of the cost of fixing storm-damaged infrastructure, like roads and utilities.

    At least $80 million, adjusted for inflation, has gone into patching up this one island since 1979 — more than $60,000 for every permanent resident.
    More:
    http://www.nytimes.com/2012/11/19/sc...o-ask-why.html



  2. Remove this section of ads by registering.
  3. #2
    The Great FEMA Flood Insurance Compromise
    http://www.ronpaulforums.com/showthr...nce-Compromise
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc
    "You don't need a medical degree to spot obvious bullshit, that's actually a separate skill." -Scott Adams
    "When you are divided, and angry, and controlled, you target those 'different' from you, not those responsible [controllers]" -Q

    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



Similar Threads

  1. Replies: 0
    Last Post: 11-05-2012, 02:28 PM
  2. Replies: 3
    Last Post: 10-28-2012, 10:17 PM
  3. Replies: 5
    Last Post: 10-28-2012, 09:52 PM
  4. Irene sends National Flood Insurance Program further under water
    By tsai3904 in forum U.S. Political News
    Replies: 3
    Last Post: 09-01-2011, 10:43 AM
  5. Article Is Reporting That Ron Paul Is Forcing People To Buy Flood Insurance
    By libertygrl in forum Marketing Strategy, Influence & Persuasion
    Replies: 4
    Last Post: 08-02-2011, 02:33 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •