Wealthy Will Pay for Consequences of Global Warming

Whether Republican climate change “doubters” block significant mitigation measures or not, their wealthy followers will still be paying for the disruptions and damages caused by the inevitable climate changes.  Climate change may already be producing more severe weather events like tornadoes, hurricanes, floods, droughts, and subsequent forest fires.  The damages caused by these are partly paid for by federal taxes through FEMA, or state or city taxes, of which the wealthy pay a higher rate.   Part of the rest is covered by private or business insurance.  Since the wealthy have properties of greater value, their insurance costs are higher and grows faster as more damaging events increase in frequency and magnitude.  The value of their stock holdings also can suffer as businesses are damaged by these events.  Finally, the wealthy tend to live or have second homes in more scenic areas such as beaches, river banks, forest communities and lakeside properties that are directly subject to extreme weather events or sea level rise.  Their insurance and possible direct involvement also will be costly.