When Congress created the National Flood Insurance Program (NFIP) in 1968, its goal was to provide affordable insurance to help communities rebuild after flooding. In the years since, the program’s finances have gone from bad to worse, and it now stands out as a model of flawed design and financial mismanagement. The program loses about $1.4 billion each year, and its debts exceed $20 billion, which no analyst believes it will ever pay back. In the aftermath of Hurricane Michael, something needs to be done.

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