{"id":25416,"date":"2017-09-09T08:55:52","date_gmt":"2017-09-09T13:55:52","guid":{"rendered":"http:\/\/olduvai.ca\/?p=25416"},"modified":"2017-09-09T08:55:52","modified_gmt":"2017-09-09T13:55:52","slug":"america-cant-afford-to-rebuild","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=25416","title":{"rendered":"America Can\u2019t Afford to Rebuild"},"content":{"rendered":"
\n
\n

America Can\u2019t Afford to Rebuild<\/a><\/h3>\n<\/div>\n<\/header>\n
\n
<\/a>
\nAdolphe Yvon Genius of America <\/b>c1870<\/center>A number of people have argued over the past few days that Hurricane Harvey will NOT boost the US housing market. As if any such argument would or should be required. Hurricane Irma will not provide any such boost either. News about the \u2018resurrection\u2019 of New Orleans post-Katrina has pretty much dried up, but we know scores of people there never returned, in most cases because they couldn\u2019t afford to.<\/p>\n

And Katrina took place 12 years ago, well before the financial crisis. How do you think this will play out today? Houston is a rich city, but that doesn\u2019t mean it\u2019s full of rich people only. Most homeowners in the city and its surroundings have no flood insurance; they can\u2019t afford it. But they still lost everything. So how will they rebuild?<\/p>\n

Sure, the US has a National Flood Insurance Program, but who\u2019s covered by it? Besides, the Program was already $24 billion in debt by 2014 largely due to hurricanes Katrina and Sandy. With total costs of Harvey estimated at $200 billion or more, and Irma threating to cause far more damage than that, where\u2019s the money going to come from?<\/p>\n

It took an actual fight just to push the first few billion dollars in emergency aid for Houston through Congress, with four Texan senators voting against of all people. Who then will vote for half a trillion or so in aid? And even if they do, where would it come from?<\/p>\n

<\/center>Trump\u2019s plans for an infrastructure fund were never going to be an easy sell in Washington, and every single penny he might have gotten for it would now have to go towards repairing existing roads and bridges, not updating them -necessary as that may be-, let alone new construction.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

America Can\u2019t Afford to Rebuild Adolphe Yvon Genius of America c1870A number of people have argued over the past few days that Hurricane Harvey will NOT boost the US housing market. As if any such argument would or should be required. Hurricane Irma will not provide any such boost either. News about the \u2018resurrection\u2019 of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,4],"tags":[63,15932,175,195,15933,15934,427,429,15935,13924,5177,10522,15936],"class_list":["post-25416","post","type-post","status-publish","format-standard","hentry","category-economics","category-environment","tag-banks","tag-construction","tag-credit","tag-debt","tag-fragile","tag-harvey","tag-infrastructure","tag-insurance","tag-irma","tag-raul-ilargi-meijer","tag-the-automatic-earth","tag-trump","tag-vulnerable"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25416"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25416\/revisions"}],"predecessor-version":[{"id":25417,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/25416\/revisions\/25417"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}