Ron Paul: Fema picking up tab for Sandy will mean higher inflation for AmericansSubmitted by DeMolay on Tue, 11/06/2012 - 02:59
A little less than a week after the devastation hurricane Sandy dumped onto the Eastern part of the United States, the cost analysis and determination of who will pay for the rebuilding is now underway. In a historic look at how much FEMA has funded to cleanup disasters such as this in the past, and the ongoing debt they have accrued because of hurricanes Katrina and Rita, Congressman Ron Paul on Nov. 5 outlined the costs of state reliance upon government agencies, and the impacts that assistance will have on inflation and prices for every American.
For example, FEMA and the National Flood Insurance Program (NFIP) are expected to pick up the tab for much of the flood damage caused by the hurricane. Of course this will mean more federal debt and inflation for the rest of us, since the program only has about $4 billion to work with and is already $18 billion in debt from hurricanes Katrina and Rita. - Paul.house.gov
Early estimates on the cost to clean up the damage in several states are ranging between $20 and $100 billion. Additionally, Governor Christie of New Jersey, and Governor Cuomo of New York have both intimated and advocated that the Federal government should foot he entire bill to clean up their state from the hurricane's destruction.