Monday, May 15, 2006

Your Government At Work


File this under "no shit". Politics are hurting residents of NOLA. Who would have thunk it?
If ever there was a moment for the obscure federal flood insurance program to ride to the rescue, it would seem to have been in the aftermath of Hurricane Katrina.

Its premiums were supposed to insure homeowners in flood-prone areas and also protect taxpayers from spending billions to bail out flood victims. But with Hurricane Katrina, the program failed on both counts.

Nearly half the victims did not even have flood insurance. Claims from homeowners who were insured, $25 billion worth, bankrupted the program. And the government has had to commit $15 billion in additional taxpayer money for rebuilding in Louisiana and Mississippi.

Now, an effort to rescue the insurance program that grew in Hurricane Katrina's wake is faltering, too. Though experts foresee a generation of fiercer and more frequent storms, Congress seems unlikely to make more than modest changes when it takes up the program in the coming weeks.

Two words. Compassionate. Conservatives. Make that one word. Compassionate.

(read more)

4 Comments:

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5/27/2006 01:11:00 PM  
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5/28/2006 02:18:00 PM  
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5/28/2006 02:19:00 PM  
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5/28/2006 02:52:00 PM  

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