America’s piggy bank

We seem to be looking at a total potential damage of hurricanes Harvey and Irma in the hundreds of billions of dollars. That’s billions with a “B”! (Some say it might pass a trillion.) How in the world are we going to pay for it? Do any of the victims have insurance coverage or savings accounts large enough to cover this kind of damage? Probably not. But… If you added up all the cash squirreled away by every citizen of the USA, how much would it aggregate? Would it be asking too much for everyone (we are talking about every citizen of the USA)). To share a small percentage of their savings with those who have lost everything, including the cities and towns that suffered infrastructure destruction? Would the top 10% of Americans (in terms of accumulated wealth) feel the pinch if they were assessed a small percentage ( say five percent)of their net worth? An even smaller assessment (say one percent) could be applied to those with smaller net worth, (the appraised value of the homestead, of course, would not be included in calculating net worth). This is a terrible idea. That is obvious. It is not everyone’s fault that houses and cities, factories and roads were built willy-nilly in flood-prone areas. But it is right and proper that we start monetizing our climate- change denial and its overall effect on the severity of weather events such as these killer storms.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.