Flooded in Debt: Rand Paul's Fight To Fix Federal Flood Insurance

John Stossel

Federal flood insurance is a disaster!

As I reported years ago, Federal Flood Insurance encourages idiots like me to do foolish things like building a house on the edge of the Atlantic Ocean.

It was a risky place to build, but I did it anyway because government guaranteed my investment.

Eventually, my whole house was destroyed, but I didn't lose a penny. Thanks!

But it's wrong that you paid for my risk-taking, and it's good that finally, one senator, Rand Paul, wants to limit this handout.

He points out, that there's no limit on how many times your government will give away your money.
"One house in Virginia, they've rebuilt the house 41 times," explains Paul.

41 times! Federal flood insurance is like buying drunk drivers new cars.

It's not government's job to protect people from the risks we choose to take. We should get rid of federal flood insurance and all subsidies that encourage people like me to build in risky places.