Ever-increasing damages from floods mean increasing Flood Insurance taxes if the prospect of flood damages remains unaltered. "That poses substantial risks to taxpayers, who subsidize the National Flood Insurance Program, which has already been put more than $20 billion in the red by storms of recent years. Coastal property owners have fought attempts by Congress to charge premiums reflecting the true hazard." Justin Gillis, "Bipartisan Report Tallies High Toll on Economy From Global Warming," p. A18, col. 1 (New York Times Nat'l ed., Tuesday, June 24, 2014).
To say again, if these shadows of always increasing flood damages remain unaltered, the shadows of ever-increasing flood taxes will follow. The insurance industry knows this. Even reports in the popular press reflect this.
So, who can ever truthfully say again, "Who knew?"
© 2014 by Dennis J. Wall. All rights reserved. No claim to original U.S. Government works.
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