Insurance Can Be Disastrous
Disproportionate climate resilience levels increase the social and economic burden of natural disasters for vulnerable groups. Home insurance is central to climate resilience, and inequitable public insurance programs such as the National Flood Insurance Program, or NFIP, contribute heavily to skewed government disaster response. The NFIP functions as a housing subsidy for wealthy homeowners in desirable but vulnerable areas such as Panama City, Fla., and Paradise, Calif. Using taxpayer dollars, the program can offer artificially low premiums that aren't fully risk-based and are instead designed so that the government assumes most of the risk. NFIP premiums tend to decrease as property values rise, so wealthy homeowners end up with cheaper, better coverage than their low-income counterparts.
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Gizmodo
27 minutes ago
- Gizmodo
Elon Musk's New Political Party Sparks MAGA Backlash Online
The suspense is finally over. Elon Musk, the visionary behind Tesla and SpaceX, officially declared the formation of a new political party on Saturday, July 5, 2025. His stated aim: to challenge the long-standing dominance of both the Republican and Democratic parties. 'Today, the America Party is formed to give you back your freedom,' the controversial tech entrepreneur announced on X (formerly Twitter) at 3:46 PM ET. By a factor of 2 to 1, you want a new political party and you shall have it! When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy. Today, the America Party is formed to give you back your freedom. — Elon Musk (@elonmusk) July 5, 2025The creation of the 'America Party' is nothing short of a bombshell, particularly given Musk's significant financial contributions and political alignment with Donald Trump in the lead-up to the 2024 presidential election. Last year alone, Musk spent nearly $290 billion to support Trump's return to the White House. This timely alliance granted the self-described 'Techno King' an unprecedented level of influence for a tech entrepreneur in American politics. Trump, in turn, entrusted Musk with a custom-created federal department: the now infamous Department of Government Efficiency, or DOGE. DOGE, however, quickly became a lightning rod for criticism, seen by many as emblematic of the very dysfunctions it was meant to fix within the federal government. Its methods and decisions, including the closure of federal agencies and drastic cost cutting at essential institutions, provoked widespread rejection of the billionaire. This backlash manifested in protests outside Tesla showrooms, a drop in the electric vehicle maker's stock price, and a noticeable plunge in profits and sales. Tesla's sales erosion continued into the second quarter of 2025, during which the carmaker's global deliveries fell by 13.5%. Tesla's reputation, and that of Musk, suffered significantly, especially as the carmaker's customer base heavily includes progressives and liberals who viewed his political alignment as a sharp departure from their values. Under increasing pressure from the markets, Musk formally withdrew from his government role at the end of May. His public fallout with Trump began almost immediately after his departure, marked by a public spat between the two powerful figures on June 5. After a few weeks of relative calm, Musk reignited the feud by sharply criticizing the 'One Big Beautiful Bill,' President Trump's signature piece of legislation. He then publicly vowed to launch a political party and do everything he could to defeat Republican elected officials who voted for it. As promised, on June 30, Musk formalized the political party he had previously hinted at, following the bill's signing into law. The initial post announcing the party's formation generated more than 3 million views in less than an hour, signaling the immediate and widespread attention it commanded. Reactions on X, Musk's social network, were acutely mixed. Users who visibly supported the MAGA movement and the Grand Old Party (GOP) expressed palpable disappointment and anger. Many lamented that the billionaire's decision would, at best, fracture the conservative vote and, at worst, pave the way for Democratic victories in upcoming elections, particularly the crucial 2026 midterms. 'Why not just try and take over the GOP with more America First candidates?' asked one user, clearly disheartened by the billionaire's move. Why not just try and take over the GOP with more America First candidates? — Joey Mannarino 🇺🇸 (@JoeyMannarinoUS) July 5, 2025Roger Stone, a long time ally of President Trump, weighed in, commenting, 'I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending. But I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party splitting the vote of sane people and letting the Marxist Democrats gain control again.' I have huge respect for @elonmusk and everything he has done for free speech and to ferret out waste fraud and corruption in federal spending, but I would rather see him pursue his efforts at electoral reform within the Republican Party primaries rather than having a new party… — Roger Stone (@RogerJStoneJr) July 5, 2025Another disappointed user questioned the legitimacy of the decision: 'So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this.' So a little over a million people across the entire world take your poll and you're convinced this is what Americans want? And you do understand Democrats (who now despise you) would vote yes, knowing that you'll end up splitting the Republican party. Don't do this. — EllyKayUSA (@EllyKayUSA) July 5, 2025'@elonmusk you need to rethink this one,' one user pleaded. 'All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party.' @elonmusk you need to rethink this one. All you can hope to accomplish is to hand power over to democrats for decades with a successful 3rd party. — @CharlesleeTX1911 (@Charles07788205) July 5, 2025An angry user directly challenged Musk's character: 'Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind?' Has anyone thought about the fact that Elon Musk turned his back on someone he called a friend because things weren't going his way? This is the kind of person you want to get behind? — Fist Punch Skull (@FistPunchSkull) July 5, 2025'This will fracture the right and split the vote. I'm against this, and so should you,' another user declared. This will fracture the right and split the vote. I am against this, and so should you. — Michael Entropy — x/acc (@TimeInvarianceX) July 5, 2025'I hope you know what you're doing, Elon, because if you don't, you're about to hand over the Democrats to Congress, and then we'll be completely out of options,' another user cautioned. I hope you know what you're doing Elon, because if you don't, you're about to hand the Democrats Congress, and then we will be completely out of options. — Walter Curt (@WCdispatch_) July 5, 2025Conversely, other users, many of them avid fans of the billionaire, seemed amused by the announcement, which did not appear to surprise them. 'You do throw a decent party 🎉😂,' joked Jason Calacanis, a well known tech investor and friend of Musk. You do throw a decent party 🎉😂 — @jason (@Jason) July 5, 2025'Good split the GOP vote,' rejoiced another user, while another enthusiastically proclaimed, 'Rest in Peace to the Republican Party!' Good split the GOP vote — Alex Cole (@acnewsitics) July 5, 2025Prominent political scientist Ian Bremmer commented simply, 'The people have spoken.' Another user expressed confidence in Musk's judgment: 'Your instincts have a good track record. I hope they are correct once again.' the people have spoken — ian bremmer (@ianbremmer) July 5, 2025Musk remains convinced that neither the Republicans, who currently control the government, nor the Democratic opposition adequately represent a significant portion of Americans. He appears confident that the political environment is favorable for a new movement. Data from a 2024 Gallup study suggests broad dissatisfaction with the two major parties: 43% of Americans identified as independents, while only 28% identified as Republican and 28% as Democrat. With a net worth estimated at $361 billion by the Bloomberg Billionaire Index as of July 4, Musk certainly possesses the financial capacity to pursue his ambitious political endeavor.
Yahoo
28 minutes ago
- Yahoo
Elon Musk says he has created a new US political party
Elon Musk, an ex-ally of US President Donald Trump, said Saturday he had launched a new political party in the United States to challenge what the tech billionaire described as the country's "one-party system." Musk, the world's richest person and Trump's biggest political donor in the 2024 election, had a bitter falling out with the president after leading the Republican's effort to slash spending and cut federal jobs as head of the so-called Department of Government Efficiency. "When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy," the Space X and Tesla boss posted on X, the social media platform that he owns. "Today, the America Party is formed to give you back your freedom." Musk cited a poll -- posted on X on Friday, US Independence Day -- in which he asked whether respondents "want independence from the two-party (some would say uniparty) system" that has dominated US politics for some two centuries. The yes-or-no survey earned more than 1.2 million responses. "By a factor of 2 to 1, you want a new political party and you shall have it!" he posted on Saturday. The Trump-Musk feud reignited in dramatic fashion late last month as Trump pushed Republicans in Congress to ram through his massive domestic agenda in the form of the One Big Beautiful Bill. Musk expressed fierce opposition to the legislation, and ruthlessly attacked its Republican backers for supporting "debt slavery." He quickly vowed to launch a new political party to challenge lawmakers who campaigned on reduced federal spending only to vote for the bill, which experts say will pile an extra $3.4 trillion over a decade onto the US deficit. After Musk heavily criticized the flagship spending bill -- which eventually passed Congress and was signed into law -- Trump threatened to deport the tech tycoon and strip federal funds from his businesses. "We'll have to take a look," the president told reporters when asked if he would consider deporting Musk, who was born in South Africa and has held US citizenship since 2002. ph-mlm/sst
Yahoo
32 minutes ago
- Yahoo
Trump Makes Glaring Error as He Touts His Megabill in Victory Speech
President Donald Trump got a little too excited in his victory lap over the passage of his Big, Beautiful megabill. During a Thursday speech in Iowa that kicked off yearlong festivities for America's 250th birthday, Trump declared that he fulfilled his campaign promise of eliminating taxes on Social Security. 'Just as I promised, we're making the Trump tax cuts permanent and delivering no tax on tips, no tax on overtime, and no tax on Social Security for our great seniors,' he said in a rally at the Iowa State Fairgrounds. Trump and the White House have repeatedly claimed that the so-called 'Big, Beautiful Bill,' which the House sent to the president's desk after a tight vote, will eliminate taxes on Social Security. But what the measure actually does is provide a temporary tax deduction for certain groups. The White House, citing an analysis from the Council of Economic Advisers, said '88 percent of all seniors who receive Social Security—will pay NO TAX on their Social Security benefits.' 'The One Big Beautiful Bill delivers historic tax relief to seniors, with a new tax deduction that, combined with other deductions, ensures the average Social Security beneficiary will pay zero taxes on Social Security,' it said in a June statement. Under the megabill, seniors get an additional deduction of $6,000 off their taxes ($12,000 for couples). But that deduction begins phasing out for those who earn more than $75,000 ($150,000 for couples) and disappears entirely for those earning more than $175,000 ($250,000 for couples). The tax break also expires at the end of Trump's term in 2028. Many seniors with low income would not benefit from the additional deduction, according to the Bipartisan Policy Center, which also raised concerns about 'intergenerational fairness, since it would provide a tax benefit to those over the age of 65 that is not available to younger taxpayers with identical incomes.' A similar analysis by the Tax Foundation found that the additional deduction would mostly benefit those with higher incomes. 'While the deduction does provide some relief for seniors, it's far from completely repealing the tax on their benefits,' Garrett Watson, director of policy analysis at the Tax Foundation, told the Associated Press. Trump also touted several other tax breaks during his speech, but one in particular caused a storm on social media over his eyebrow-raising word choice. 'No death tax, no estate tax, no going through the banks and borrowing from—in some cases, a fine banker—and in some cases, shylocks and bad people,' he said, using an antisemitic slur that originated from a Shakespeare play featuring a greedy Jewish money lender. Former President Joe Biden apologized for using the term 'shylock' in 2014. But Trump appeared oblivious to the slur as he continued to take aim at his political enemies. 'Not one Democrat voted for us,' he said of the bill. 'They wouldn't vote only because they hate Trump, but I hate them too. You know that? I really do—I hate them. I cannot stand them, because I really believe they hate our country.' The president also continued the victory lap that he began earlier in the day on Truth Social. 'America is on a winning streak like, frankly, nobody's ever seen before in the history of the presidency,' he said. 'They said, 'You know, sir, you're going to go down as one of the greatest presidents ever.' I said, 'Really? Better than Washington? Better than Honest Abe Lincoln?' They said, 'Yes, sir.''
