Obama seeks $60.4 billion for Sandy repairs, states want more

Comments (9)
USA4 wrote:

The best thing that the government could do to stop this kind of damage is not to “upgrade infrastructure” on the backs of taxpayers across the country but to stop selling flood insurance at below market rates. That below market insurance (which is also a subsidy from the rest of the american taxpayers) is what leads to people building homes and buildings in flood zones that otherwise would not get built.

Dec 07, 2012 7:31pm EST  --  Report as abuse
americanguy wrote:

“Congress intended that operating expenses and flood insurance claims be paid for through the premiums collected for flood insurance policies.[3] NFIP borrows from the U.S. Treasury for times when losses are heavy, and these loans are paid back with interest.”
In other words, the people that have the insurance pay premiums and the premiums pay for losses, and taxpayers are not paying for losses.
The losses are paid for by people with flood insurance.
Just so some people don’t believe garbage people post who do not know what they are talking about.

Dec 07, 2012 7:57pm EST  --  Report as abuse
USA4 wrote:

americanguy, almost no one turns down money that is handed to them. If you want to see true hypocrites, please start with warren buffet and the rest of the wealthy liberal bigmouths who spend so much of their time telling other people they should pay more in tax, while sitting on their billions.

Dec 07, 2012 8:06pm EST  --  Report as abuse
USAPragmatist wrote:

@americanguy, I am with USA4 on this one, the Federal Flood Insurance is a subsidy to homeowners to build in dangerous areas. One could argue that this program benefits the wealthy more because, in general, these areas that offer flood insurance, have higher property values. And by your own quote, the Treasury can foot the bill for difference in premiums vs losses. Lastly, it promotes building in areas where there should just not be houses.

Dec 07, 2012 8:10pm EST  --  Report as abuse
joewatiii wrote:

USA4 makes a great point, many of these homes are built in areas that are not sustainable to live in. Not even for historic storms like Sandy but decadal storms. That’s BS they want the nations tax payers to pay the bill for them to upgrade their infrastructure. New York has the 3rd highest GDP and New Jersey the 7th, infrastructure not related to trains, plains, and interstates is a states job. Why should American Taxpayers pay to upgrade their antiquated infrastructure while they spend state tax money on superfluous crap.

Dec 07, 2012 8:11pm EST  --  Report as abuse
phoneguy wrote:

@americanguy, NFIP borrows money from the Treasury? You do know we are broke and currently borrow 48 cents of every dollar spent, right? I have helped pay for all the current recipients of Govt benefits and assistance. And for my efforts I (along with every other living and breathing American) owe over $160,000 as my share of the current Federal debt. I am tapped out and $60 billion is not enough for NY, NJ? Tough.

Dec 07, 2012 8:33pm EST  --  Report as abuse
cimach wrote:

So we’re supposed to give New York and New Jersey $2,000 for every man, woman, and child in their state just for clean-up costs for one storm. Either someone has not done their math, or this is one of the largest scams in FEMA history.

Dec 07, 2012 8:42pm EST  --  Report as abuse
BUCKEYEGAL wrote:

And how exactly will we pay for this? Are there any countries out there that will give US aid for the victims? I think not.

Dec 07, 2012 10:58pm EST  --  Report as abuse
TheNewWorld wrote:

@americanguy

So you are saying you are fine with the taxpayer coming up with another $60 billion to help some of the richest people in America rebuild their beach houses? And you call Republicans hypocrites…

Dec 08, 2012 7:58pm EST  --  Report as abuse
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