Wednesday, October 05, 2005

A Hurricane Of Government Waste

Its amazing how oblivious people can be to reality. More and more people are building houses and businesses on the shoreline of the gulf of Mexico. This is an area very prone to erosion and hurricanes. Yet, millions of people continue to put themselves in harms way.
I big part of the problem is that government backed insurance which lessons the economic risks to developers. This, in the end, is a white elephant. The more the government spends to rebuild, the more development it this area will occur. Then, when the next natural disaster inevitably takes place, the government will have to spend even more money to aid yet another rebuilding.
Many recipients this aid are upper and upper middle class. So much of the government backed insurance is wealthfare.
And development itself can worsen beach erosion and lesson other natural barriers to hurricanes.
And many scientist think that global warming will only increase the frequency of storms like Katrina. This means, of course, that Hurricane damage will be more widespread and the money spent of rebuilding will only increase.
Something has to give eventually..


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