I live in Florida and everyone in the state within X number of miles of the ocean, the gulf and certain waterways pay mandatory federal flood insurance through the wahzoo. I don't know about mortgage insurance being subsidized for private individuals, though....or how much it would cost me personally to subsidize these other folks. Thanks.
Leni
Leni:
I am sorry that I don't have time and resources to quantify how much the taxpayers subsidize unwise beach construction. I realize that not just the middle class, but all classes pay this subsidy. I do not begrudge the rich, I would like to see them get richer, just as I would like to earn more myself.
However, I should not pay one red cent to subsidize someone's McMansion on the beach, or any where else. If some rich guy wants to build in a flood plane or where the waves will wash it away, let him pay the true cost of insurance, probably 50-100k per year on a $3 million home, not 10-20k per year with the federal flood loan subsidy.
When America was a land of plenty, we could afford to waste resources. Now, we should let the foolish pay for their folly.
My former congressman, Henry Brown (Republican) cut a deal with a developer to get a barrier island classified as not a barrier island, and when he was caught, pretended he did not know a developer was behind it.
For crying out loud, we have to watch the Republicans, too, they are all kleptos. The trouble is they (congress) has learned to steal legally.
Don't get me wrong, I am absolutely no fan of President Trainwreck or the corrupt mainstream media. They are far worse than most Republicans.