Bleeding Heartland: How to finance Iowa's massive flood costs
Excerpted from this post at Bleeding Heartland
There seem to be two distinct ideas emerging for financing the massive
reconstruction project Iowa will have to enact to deal with the tragic
and disastrous floods we've experienced this spring (on a quick side
note, I sure hope that summer fares us better). The first is to tap
into the state's so-called "rainy day" fund (no pun was intended, I'm
sure) and the other is to borrow money and essentially create debt.
Both are the logical responses to a natural disaster of this
magnitude. I think it was a Johnson County emergency management
official who said this was "our own Katrina." Whether he meant that
in terms of sheer destruction or bad planning or reactions to the
event, I'm not sure. But the statement still leaves an impact.