The definition of insanity is doing the same thing over and over and expecting different results.
Ben Franklin was right. New Orleans wants to rebuild in the flood zones and hand us the bill.
Federal taxpayers will be subsidizing reconstruction in flood areas, underwriting the insurance on those homes and will no doubt have to bail out the flood insurance program if the homes get wiped out again. The program collected only $2.2 billion last year in premiums but will pay out more than $20 billion in Katrina claims, leaving taxpayers on the hook for the rest. Worse, the program encourages development in areas subject to flooding – not just in New Orleans, but everywhere – by offering insurance at bargain rates in areas where private insurers fear to tread. That increases the population in vulnerable areas, leading to more costly disasters.
Related: Safer, stronger, smarter
October 25, 2006 - 11:55 AM on October 25th, 2006
When I saw your headline, I thought you were talking about “stay the course” in Iraq.
October 25, 2006 - 11:56 AM on October 25th, 2006
good on TT
October 25, 2006 - 03:09 PM on October 25th, 2006
I was waiting for the first such response from the Left (an obvious one). You win the prize, Tofu.