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Yet Another Trillion-Dollar Unfunded Liability: Too Many People in Hurricane Alley

by John Rubino
Dollar Collapse

One of the big recent changes in American life is the ongoing mass-migration from the middle of the country to the coasts, especially those of the Southeastern and Gulf States. Florida and the Carolinas, along with Houston and surrounding Texas counties, have gained millions of new residents seeking to trade snow and monotony for sun and water. Coastal state governments have by-and-large encouraged this immigration and the resulting construction, paving, and deforestation because new residents pay taxes and developers contribute to political campaigns.

This is turning out to be a huge, perhaps insanely expensive mistake, similar in a lot of ways to out-of-control public pensions: A short-term benefit that produces long-term costs – i.e., an unfunded liability – which accumulates more-or-less secretly until something happens to turn an accounting issue into a cash flow nightmare.

Continue Reading at DollarCollapse.com…

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