The National Flood Insurance Program (NFIP) is a boondoggle that is costing Americans billions and billions of wasted dollars, is rife with fraud, and in some cases doing the opposite of what it was intended to do.

Continually lowering premiums have made it a money pit for federal funds, and the continual misuse by some homeowners is nearly criminal (and encouraged by the fed).

To make matters worse, some in Washington actually think that people who don’t have the insurance should be allowed to retroactively acquire the coverage, following a flood.

How crazy is that?

Michael Crowley, writing in Reader’s Digest, does an excellent job, in a short article, of exposing just how ridiculous this plan has become.