It seems like everyday, new research is confirming that the impacts of climate change — heat waves, heavy rains, and flooding – are already being felt in America and around the world, and things stand to get worse. Just this week, TPM reported on new scientific papers concluding that large parts of the enormous West Antarctica ice sheet are melting and falling into the sea, and could lead to eventual rise in global sea levels of 10 feet or more.

Surprisingly, though, Congress – where many House Republicans reject the notion that anthropogenic climate change is happening at all – came together in March to do something. Did they take action to slow climate change or pass new policies to encourage building further away from beaches and floodplains? No. They agreed to roll back previous reforms and reinstate generous federal insurance subsidies for seaside homes.

Thanks to federal subsidies, the price of flood insurance, unlike homeowners’ insurance, does not reflect the real risks involved. Flood insurance subsidies ensure artificially low insurance rates, especially for the highest-risk properties. When big storms hit, taxpayers end up bailing out private owners. It is an expensive program. Today, the National Flood Insurance Program is $24 billion […]