Should Government Stop Bailing Out Flood Zones With Taxpayer Money?
DAVID ASMAN: We have flood waters still ravaging big chunks of the east coast this morning. The National Guard has been called in and federal money is already heading to water-logged states, including Massachusetts, Connecticut and Rhode Island. But Rich says, Uncle Sam needs to stop paying people to rebuild in flood zones. RICH KARLGAARD: This is not a black and white question. It exists along a scale and at some point we have to say, when we are running a deficit that is 11 percent of our GDP and our indebtedness is going through the roof, where do we draw the line? And the fact is, there are private mechanisms to take care of these victims. One is insurance, and the second is charity. I think we should move the needle more towards charities and insurance rather than government. VICTORIA BARRET: I disagree. This is an unprecedented catastrophe in the area and it’s not like these schools, homes and businesses were built in floodplains. This is a case where the government should step i
