I opened my morning paper today to find that a report from the government concludes that Hurricane Sandy was the 2nd costliest storm in U.S. history. Fair enough. I buy that. They say that the TOTAL losses from the storm will be $50 billion. That sounds about right. But, being the inquisitive person that I am, I am confused by the Government math regarding this terrible tragedy. Our beloved President and his caring Congress members 1st passed $10 billion of aid in December and then capped that off with another $50 billion in January. It seems they are paying $10 billion more than the actual costs of the storm.
But wait. I remembered that there is a thing called insurance. Every person has to have insurance for their homes and cars. It’s the law you know. Just the slightest bit of investigation reveals that insurance companies are paying out $25 billion related to Hurricane Sandy.
Now I’m really confused. If the TOTAL losses from Hurricane Sandy were $50 billion and $25 billion were covered by insurance, that leaves $25 billion. Our beloved leaders in Washington DC, with the urging of Fat Boy Christie and Nazi Bloomberg, are paying out $60 billion of your tax dollars so rich pricks can rebuild their mansions on the beach.
I know I’m just a CPA and MBA, but based on my math, you the taxpayer have been fucked over to the tune of $35 billion that isn’t hurricane relief at all. It is a payoff for votes and to unions. That is $300 per every household in the United States. Could you use that $300? Do you think some asshole from FEMA can spend it better than you?
Obama isn’t going to add one cent to the deficit. Right?
Hurricane Sandy Was Second-Costliest In U.S. History, Report Shows
AP | By By DAVID PORTER
NEWARK, N.J. (AP) — Superstorm Sandy was the deadliest hurricane to hit the northeastern U.S. in 40 years and the second-costliest in the nation’s history, according to a report released Tuesday.
The storm’s effects reached far and wide, according to the National Hurricane Center report. While Sandy visited devastation on the East Coast, principally New Jersey and New York, it created wind gusts as far west as Wisconsin and as far north as Canada and caused water levels to rise from Florida to Maine, the center found.
The hurricane center attributed 72 U.S. deaths directly to Sandy, from Maryland to New Hampshire. That is more than any hurricane to hit the northeastern U.S. since Hurricane Agnes killed 122 people in 1972, according to the center’s records covering 1851 to 2010. The report counted at least 87 other deaths that were indirectly tied to Sandy, from causes such as hypothermia due to power outages, carbon monoxide poisoning and accidents during cleanup efforts.
The deadliest hurricane in U.S. history hit Galveston, Texas, in 1900 and killed 8,000 to 12,000 people.
The report estimated damage caused by Sandy at $50 billion, greater than any U.S. hurricane except Katrina, which in 2005 caused $108 billion in damage, or $128 billion adjusted to 2012 dollars. Hurricane Andrew in 1992 caused $26.5 billion in damage in Florida, or the equivalent of $44 billion today.
Hurricane Sandy Relief Bill: Wasteful Spending Not Helpful
President Obama signed into law a $50 billion recovery package for states hit by Hurricane Sandy. Much of the proposed spending in the law, however, is simply wasteful and will not go toward helping the immediate victims.
This is unacceptable at a time when the U.S. is running trillion-dollar budget deficits. While the catastrophic scope of Sandy merited a federal response, Congress missed an opportunity to establish clear requirements for when a disaster warrants a federal response. Failure to deal with this serious problem will continue to erode preparedness for future catastrophic disasters.
While providing for some worthwhile items, such as $5.4 billion for repair of tunnels and other damaged infrastructure, much of the act is aimed at either mitigating future events or repairing or replacing federal assets, not assisting the immediate victims. Indeed, the Congressional Budget Office has estimated that at least half the funds will be disbursed after 2015—not exactly time-sensitive, emergency spending.
Senator Kelly Ayotte (R–NH) summed it up well: “[I]f a main goal of the Sandy relief legislation that passed the Senate was to quickly get resources into the hands of those who need it most, the final product fell short.”
The act includes billions for “future” disaster mitigation projects and for repair or replacement of federal “assets” in such agencies as the Departments of Agriculture, Defense, and Justice; the Social Security Administration; and the Smithsonian. It also includes money to improve weather forecasting and research at a host of agencies. While some of these spending programs likely have merit, they should be proposed through the regular budget process—not by attaching them to truly necessary assistance to hurting people.
Moreover, any new spending programs should be offset by finding savings elsewhere during these trying fiscal times. Senator Mike Lee (R–UT) offered a commonsense amendment to offset a portion of the costs of the package, but it was defeated in a party-line vote. “We have to stop and consider the fact that we are more than $16 trillion in debt and we’re adding to that debt at a rate of more than $1 trillion every single year,” Lee stated.
Not only does this act add to the deficit, but it is also reflects another symptom of government growth: over-federalization of natural disasters. In less than two years, the Federal Emergency Management Agency (FEMA) has issued a stunning 353 disaster declarations—despite the absence of major hurricanes or earthquakes (except Hurricanes Irene and Sandy). This high operational tempo keeps FEMA in a perpetual response mode, leaving little time and few resources to prepare to handle a real catastrophic disaster, such as Hurricane Sandy.
To reverse this trend, Congress should modify the Stafford Act to establish which disasters meet the federal requirements for disaster dollars. Such clarifications should include clear requirements that limit the situations in which declarations can be issued. Congress should also reduce the cost-share provision for all FEMA declarations to no more than 25 percent of the costs are covered by the federal government, so that most of the costs of a disaster are borne by taxpayers living in the affected state or states.
DaveL says:
The other 35 billion will be used to erect giant fans along the east coast shores to blow hurricanes away from land. This project has been awarded to a corporation formerly known as Solyndra.
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13th February 2013 at 3:47 pm
KaD says:
Does CONgress ever do any spending that isn’t wasteful?
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13th February 2013 at 4:18 pm
SSS says:
The extra $35 billion would be much better spent to purchase two more fucking aircraft carriers. Who’s with me?
Hot debate. What do you think?
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13th February 2013 at 4:28 pm
sangell says:
Its a given as well that, years later, the arrests will begin as the corruption is revealed. Katrina hits in 2005, Mayor Ray Nagin arrested 2013. Being New Jersey was the epicenter of Sandy one hates to even contemplate the percentage of each dollar that will be skimmed off in the form of kickbacks and bribes to public officials. One awaits to see how money intended to replace flood damaged fire engines can be instead transmogrified into a new Bentley in some Fire Commissioners driveway or how seawall replacement can be turned into marble flooring in some mayors house.
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13th February 2013 at 4:31 pm
AWD says:
Never let a crisis go to waste.
NEVER pass on a chance to fleece taxpayers.
There are so many pockets to line, and so little time. I’m surprised it wasn’t twice that (I’m sure it will be). Christie has a 30 cheesesteak a day habit to support. Fucking criminals, get away with stealing $35 billion. Make’s the Sicilian mob look like pussies.
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13th February 2013 at 4:32 pm
sangell says:
I agree aircraft carriers have value but I’m not sure we need two more. Manned aircraft are going to be obsolete (if they aren’t already) long before the service of life of a carrier hull is reached. We need to get back into space. Simple things like large aimable mirrors in LEO that can extend daylight hours if used for civilian purposes or make the daytime high in some adversaries capital unbearable warm if we are having diplomatic problems might be useful.
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13th February 2013 at 4:46 pm
JIMSKI says:
How about they just take that 35 B and make the worlds biggest fuckin lotto ticket ever. Collect money for a year and they can even use snap cards. Open it up to the world. We could turn that 35B into 75B in a year. Plus we get 50% back in taxes.
WIN WIN!
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13th February 2013 at 5:09 pm
IndenturedServant says:
admin said:
” you the taxpayer have been fucked over to the tune of $35 billion that isn’t hurricane relief at all.”
$35 billion, $35 schmillion………the taxpayer is being fucked for a minimum of 6 billion per day, 365 days per year! $35 billion these days barely qualifies as a blip!
I_S
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13th February 2013 at 5:56 pm
flash says:
Math is just to hard for accountants to abstractly visualizes …no worry…just back away slowly….Nancy will fix everything.
And , I quote “it is almost a false argument to say we have a spending problem.” Nancy “Queenie Snapper” Pelosi on Faux No-Newz Sunday.
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13th February 2013 at 6:06 pm
printmemoney says:
Jimski-I love your idea. I think tax rates should also be lotterized am I paying 10% or 50% this year? Think of the excitement.
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13th February 2013 at 6:08 pm
flash says:
WPES!
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13th February 2013 at 6:09 pm
TC says:
Well the good thing is now we know the price of the blowjobs Christie gave to Obama on TV just before the election.
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13th February 2013 at 9:14 pm
Hollow man says:
With the fed buying the debt it goes forever!! Yeeeeeee Hawwwwwwwwwwwwwww
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13th February 2013 at 12:14 am
T4C says:
Banks holding over $200 million in Sandy payments
By David Ariosto, CNN
February 13, 2013 — Updated 1442 GMT (2242 HKT)
New York (CNN) — Banks are holding more than $200 million in insurance payments meant for victims of Superstorm Sandy, nearly four months after the storm made landfall, New York Gov. Andrew Cuomo said Tuesday.
The Cuomo administration said it has delivered letters to various banks and mortgage service providers asking they “use maximum discretion and effort to speed the release of funds.”
“Families need to be able to return to their homes and the state economy, which took a hit from Superstorm Sandy, needs the boost from spending on repairs,” Cuomo said in a written statement. “After insurance companies have sent homeowners checks to pay for repairs, the money should not be sitting with the bank because of red tape.”
The state’s Department of Financial Services found that four of the biggest U.S. banks — Wells Fargo, Bank of America, Citibank and JP Morgan Chase — are holding more than 4,100 checks worth more $130 million. The banks were not immediately available for comment, though have maintained that they were socked with a massive amount in payouts that require processing in the wake of the storm.
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13th February 2013 at 12:48 am
Thinker says:
“Katrina, which in 2005 caused $108 billion in damage, or $128 billion adjusted to 2012 dollars”
Speaking of math, what’s the rate of inflation in that adjustment? $20 billion over 7 years, just in dollar value… that’s got to be higher than the “official” rate.
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13th February 2013 at 11:19 am
Administrator says:
Thinker
The gov’t reported CPI is up 18% since 2005. The math works.
But don’t worry. Inflation is well contained.
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13th February 2013 at 11:24 am
Thinker says:
I’m sure that’s what they used to calculate that adjustment. I’m betting ShadowStats has a more realistic number.
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13th February 2013 at 11:39 am
Administrator says:
Shadowstats inflation figure since 2005 would be about 40%.
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13th February 2013 at 11:41 am
John A says:
“The extra $35 billion would be much better spent to purchase two more fucking aircraft carriers. Who’s with me?”
SSS,
Many thanks for injecting some humor into this most serious thread. Two more aircraft carriers indeed.
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13th February 2013 at 8:04 pm