During his latest "My Take" on FOX Business' "Varney & Co.," Tuesday, Stuart Varney weighed in on the "serious" long-term effects of hurricanes and questioned the effectiveness of the federal government.
STUART VARNEY: The hurricanes Helene and Milton are first and foremost traumatizing events that shift the lives of millions of people.
There are going to be serious long-term effects.
HURRICANE MILTON HAS FLORIDA HOMEOWNERS AND THE INSURANCE MARKET BRACING FOR IMPACT
Consider this:
Homeowner insurance rates are already high in the affected states. They're going higher.
In North Carolina, there's a proposal to raise rates by an average [of] 42%. At a six-hour public hearing Monday, residents made clear they can't pay. Same story in Florida — you're prone to serious weather challenges, but you can't afford to insure your home.
RYAN SERHANT WARNS FLORIDA’S INSURANCE MESS IS ‘ONE OF THE GREATEST CRISES PEOPLE WILL SEE’
Property taxes are going to go up. Rebuilding and clearing the debris costs a lot of money.
Combine insurance with property taxes, and some states, like Florida, are no longer the affordable alternative to New York and New Jersey. It's quite possible that the hurricane's financial fallout will reverse the migration trend.
For years, the highly taxed people of Illinois, New Jersey and New York have de-camped to Florida. It still has no income tax, but insurance and already high home prices might make some think twice about heading south.
And then there is the political fallout. How effective was the federal government?
The New York Times reports this morning that FEMA has a staffing shortage. They don't have all the people on the ground they need.
And why is Secretary Mayorkas saying they don't have enough money? Kamala Harris gave Lebanon $157 million this week.
How come Lebanon gets it, but there's not enough for Americans in crisis? When questioned about that, Karine Jean-Pierre stormed out of the press briefing.
It is the sheer scale of the disaster that vastly expands the problem. Helene was 800 miles wide! Milton may deliver a 15-to-20-foot storm surge. Both deliver rain that's measured in feet. There's no quick, cheap fix.
One last point: It is indeed a costly and traumatizing disaster, but what stands out is the way people came together. Helping each other.
It’s called community spirit, and it's alive and well and living in America.
