Hurricane Sandy to Cost $40 Billion… Or, About Half as Much as Obama Blew on Green Energy Boondoggles
Posted by Jim Hoft on Tuesday, October 30, 2012, 7:14 PM
It’s going to cost billions.
Hurricane Sandy was so devastating it will cost American taxpayers about half as much as Barack Obama blew on his green energy boondoggles.
The devastation of Hurricane Sandy may cost from $30 billion to $50 billion.
The Huffington Post reported:
On Tuesday, one estimate from IHS Global Insight put total costs at somewhere between $30 billion and $50 billion, including $20 billion in infrastructure damages. Hurricane Irene, which struck the Northeast in August of 2011, cost about $13 billion in economic damages, according to data compiled by Moody’s Analytics.
As high as the numbers seem, economists say the overall impact on the economy will be minor — some costs from the hurricane will be paid by insurers, and others will be offset with rebuilding and recovery efforts.
The cost of the historic hurricane is about one-half as much as Barack Obama blew on green energy boondoggles in one year.
In 2009 Barack Obama blew $90 billion on green energy projects.
Green Tech Energy reported:
The Department of Energy has already given out nearly $17 billion in stimulus package funding, and that’s set to nearly double by year’s end, said Matt Rogers, the senior advisor to Energy Secretary Steven Chu who’s in charge of keeping track of those billions of dollars.
Eager would-be recipients should stay tuned, as “we’ve got a very exciting fall,” he said Tuesday at the Renewable Energy Finance Forum-WEST conference in San Francisco.
Still, some DOE stimulus funding sources are flowing faster than others, as was noted by observers of the slow progress for a $6 billion DOE loan guarantee program for clean energy generation and transmission projects.
With a host of upcoming announcements, the DOE should boost its stimulus handouts to nearly $30 billion in the coming months, Rogers said. That’s out of about $90 billion the department has responsibility for giving out under the stimulus package signed into law in February.
So far 34 companies that were offered federal support from taxpayers are faltering — either having gone bankrupt or laying off workers or heading for bankruptcy.
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The Conservative wall commented:
What is amazing is the Global Warming crowd pointing to Sandy as proof.
Well, if Global Warming means less major hurricanes, then I guess it is Global Warming.
2012 produced one major hurricane, and it was Sandy. The last time there was only one major hurricane was 1997.
Everything in a WarmestNut’s mind points to Global Warming. From more snow to more ice caps. Now we can add in less major hurricanes.
Bubba commented:
One week to go. One week until what will be the most unbelievably entertaining night in television history…hopefully. Will anything come close? Will anything come close to touching the comedy GOLD of watching MSNBC on election night as Romney blasts to a surprisingly easy victory of Obama?
I don’t think so. The disgust, shock, sadness and inability to grasp what they are watching unfold will be the icing on the cake of flushing that four coiler down the WH toilet.
It’ll be gut busting fun watching them report the riots on the south side as the expected repeat of Obama’s victory speech crashes and burn. Who will be the loudest and most forceful in blaming Romney for the rioting? Can’t wait to see it all ufold.
Oliver commented:
And speaking of boondoggles:
Obama Pays Off Chicago and County $100 Million a Year Federal Waiver
In the best Chicago-style politics, the White House quietly awarded Cook County a $100,000 per year pay off via new Medicaid “waivers.”
http://canadafreepress.com/index.php/article/50695
Averagemelon commented:
It’s been a long, four years hasn’t it folks?
I had never been remotely interested in politics until the election of 2008 and now I’m a self-professed junkie. I remember the first foolish things our president did when he hit the White House and how many of us groaned. I remember Glenn Beck calling for support from us for the new president. I was one of those Americans that woke up.
As the election night draws near, I find myself in a kind of euphoric state of mind. On November 6th, (after I’ve voted) I am going to enjoy a bucket of my favorite popcorn smothered in real melted butter and sea salt and a few of the richest amber-colored cold ones. I’m going to enjoy them with a kind of pleasure that rivals orgasm as I watch the numbers come in. We’re going to put the Teleprompter King and his minions through the final shredder. Four years we have endured for this moment. Now, I finally understand what old Tingles meant.
cecil dildine commented:
Aaaaaaaaaaghhhhh!!!!!! “Costs to be borne by insurers” From whom do they think insurance premiums are paid? RATE PAYERS….US….the INSURED…..the bastardization of our language (a lib past time) has taken insurance (pooled risk) and made it into a direct payment for what ever feels good (e.g. an annual mammogram) This is how we got to the point where people expect “evil insurance companies” to cover UNINSURABLE events….and then complain when the actuaries add real cost into the premium….oh well we get what we deserve
Oliver commented:
#6 Cecil – silly man, insurance companies get their money from the Money Fairy, who also pays for “FREE” medical coverage, “FREE” cell phones, “FREE” housing, etc. So of course they’re evil when they’re not willing to redistribute all that FREE money from the Money Fairy! /s
donh commented:
Now you know why Obama is suddenly overnight such a great guy in the eye’s of Chris Christie…Amazing how quickly buddy buddy Christie gets with Obama when it gets you a 30 billion dollar FEMA check…. I know ..that’s politics…snookie needs a new home…you gotta do what you gotta do get some relief…but what a suck up.
This isn’t the end of the world . Summer beach season is already closed so its not hitting the tourist economy for some time. A lot of the damage is amusement parks, beach erosion, board walks, and Christie’s favorite ice cream stand where he got into this fight….> http://youtu.be/zkzzHjq6wJI
Sasja commented:
The aftermath in pictures.
http://www.dailymail.co.uk/news/article-2225108/Hurricane-Sandy-2012-Obama-declares-major-disaster-New-York-39-people-die-Superstorm.html
Monkey Wrench commented:
#6
A great deal of the damage will be considered as flood damage. Very few private insurers offer flood insurance. It’s too hard to spread the risk premiums, since the risk of flooding is not spread evenly. Since very, very few private insurers offer it, most flood insurance is purchased from the Federal Government.
This is simply not an area that the private insurance companies want to get involved in. They can’t make money.
dwd commented:
To reverse the title, we could have paid for TWO Hurricane Sandys with what Obama has flushed down the toilet on green energy failures.
Blacque Jacques Shellacque commented:
It’s going to cost billions.
No problem. Helicopter Ben will simply print more money.
The Conservative wall commented:
They will force insurance companies to allow homeowners to by Hurricane Insurance. Also, they will force insurance companies to cover aborted houses.
I hear Obama and the dems will come out Friday and proclaim Sandy created or saved 1,000,000 jobs and change the unemployment figures to add the cleanup jobs and construction jobs that will be added.
The Conservative wall commented:
Need the edit button to fix my by to buy.
Patty commented:
Earlier today I told a friend that Obama blew through that much in green.
And sure enough here is another person or two or three, who thought the exact same thing.
Patty commented:
Obama has blown through a few Trillion or Two. Or nearly six.
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