The Small Business Administration (SBA) released the following this week, as the Biden – Harris Administration are jet setting around Europe: SBA Exhausts Funds for New Disaster Loans: Today, the SBA announced that it has exhausted funds for its disaster loan program after warnings that funding would soon run out following increased demand from Hurricane Helene. Until Congress appropriates additional funds, the SBA is pausing new loan offers for its direct, low-interest, long-term loans to disaster survivors. This is light years from what President Biden, Vice President Harris, DHS Secretary Alejandro Mayorkas, and FEMA Director Deanne Criswell have to say. In 173 disaster declaration areas, only 700 loan offers — offers, not loans — have been made. This is unprecedented in that as billions upon billions of dollars flow to Israel, Ukraine, and to support illegal aliens, less than $43 million in loan offers — remember that, these are loan offers as hundreds of billions of dollars are given away to non US citizens in foreign aid and illegal alien subsidies — have been made to Americans struggling to stay alive from not one, but two hurricanes with over $100 billion in damages — not to mention the historic loss of life.
And as the United States holds out to its adversaries that we are tone deaf and treasury poor; as the realities of a negated bicameral legislative process is nakedly paraded around, inspectors are now becoming victims. We have been covering this from the beginning, but it is worth pointing out that the initial zero pay and chargebacks are now being complicated by pop up order mills throughout Florida, Georgia, North Carolina, and Tennessee refusing to pay Labor.
While many relate the problems to a two party political system, long ago relegated to an antiquated age, the reality is that we are in a fiscal cataclysm. First, though, NO POPULAR VOTE HAS EVER ELECTED A US PRESIDENT! It is the electoral college that elects the president should you ever happen to wander into a civics class. And when it comes to money, money that Hurricanes Helene and Milton victims need now, none is making it here. Compare that to the fact that we have more than 750 military bases across 80 countries, and have deployed nearly 175,000 soldiers in 159 countries of the world. And as if the Department of Defense, which used to be the highest budgetary item of the US was not enough, interest paid on the debt is now larger. As of September 2024 it costs $1.133 trillion to maintain the debt, which is 17% of the total federal spending in fiscal year 2024.
The deficit for fiscal year 2023 was $1.7 trillion, growing 23 percent in a single year. Interest payments even surpassed all military spending in the bloated Department of Defense budget by $103 billion. And a whopping two-thirds of Americans disapprove of the economy today. Since Mr. Biden took office, the typical American family has effectively lost $7,300 in annual income.
The total public debt broke records in July by surpassing the $35 trillion mark for the first time, continuing with the upward trend due to the failed economic policies of the federal government. In the last three weeks, the national debt has increased by $500 billion. This figure, driven by excessive government spending by the Biden-Harris administration, follows a troubling trend of ever-increasing budget deficits and national debt. Adding to this problem is the increasing reluctance of insurance companies to provide coverage in disaster-prone areas. As climate change intensifies, regions once considered relatively safe are now vulnerable to extreme weather events.
In response, many insurance companies have begun to withdraw from markets where the risk of losses is too great. States like California and Florida are seeing insurers pull out due to the growing frequency of wildfires, hurricanes, and floods. Even when insurance is available, flood coverage is often excluded from standard policies, leaving homeowners to rely on the National Flood Insurance Program (NFIP) or go without protection entirely. The NFIP itself is deeply in debt, unable to keep up with the rising costs of flood-related claims, and is increasingly seen as unsustainable. This has resulted in large swaths of the population — particularly those living in flood-prone areas — being uninsured and vulnerable to massive losses when disaster strikes.
The impact of this insurance shortfall is starkly illustrated by the devastation caused by Hurricane Helene and Hurricane Milton, two major storms that caused billions of dollars in damages in areas where flood insurance was scarce or nonexistent.
When Hurricane Helene struck, it caused unprecedented flooding in regions that had historically been considered low-risk for such disasters. With climate change altering weather patterns, Helene brought record levels of rainfall, overwhelming drainage systems and causing flash floods in areas not previously mapped as flood zones. The result was billions in uninsured damage. Families and businesses left without insurance face complete financial ruin, unable to rebuild without federal aid or substantial personal resources.
Similarly, Hurricane Milton tore through communities, causing significant wind and water damage. In many cases, homeowners had policies that covered wind damage but excluded flooding, leaving them on the hook for the most expensive repairs. The storm’s storm surges and torrential rains left thousands of properties underwater, again in areas not covered by NFIP maps, meaning homeowners were uninsured for the most destructive impacts.
The combination of mounting debt, insurance companies exiting high-risk markets, and an increasing frequency of extreme weather events has created a “perfect storm” for disaster recovery in the U.S. With fewer resources available at both the federal and private levels, the U.S. may soon face a scenario where it cannot adequately respond to the scale of devastation caused by major natural disasters.
And while homeowners, at least in Florida, have government protection against fraud, many Contractors and Inspectors are daily neither being paid or allowed to sue. It is not surprising, really, when you look at the $110,000+ annual salary the Executive Director of NAMFS is paid. Some of that is changing, though. With nearly 2,500 articles written to date, chronicling the atrocities and financial terrorism wrought by NAMFS members upon Labor, people are finally leaving the Industry. And even though firms like ServiceLink is offering $25 inspections in disaster areas now, the reality is that they will be short lived.
