Congress will apparently not add catastrophic wind coverage to the National Flood Insurance Program. I’m sure that makes sense. It was obvious no one was going to accept the premise that the pricing would have been actuarially sound, which set up the argument that one group of people would be subsidizing the lifestyle of others, and even though our entire tax system is based on this premise, that’s an argument for another day.

However, accepting the premise that people on the coast would have had their rates subsidized, I would ask: Who gets to live in New Orleans?

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