Recession And Concession

Finally, Joe Manchin has agreed to do the right thing and concede that we have to take on climate change no matter what.  If only it did not take concessions to elicit cooperation.  If you think about it, the need for concessions makes no sense.  Maybe concessions needed to be done; they are a necessary evil.  But it says something about the way people like Manchin think about the costs of climate change.  Whatever economic gain Manchin sees himself as giving to his state pales in comparison to the mounting costs of climate change.  To stay elected, he courts big coal, bringing a political profit for himself and financial profit for a few rich men. All because they are bent on holding onto what must become a dying industry.  Meanwhile, on the other side of the country, California, once again, burns. Hopefully, this bill will signal an end to selfishness on the part of this one man–and the misguided Americans who think we cannot afford to tackle climate change.    

Right now the mood of the country has soured; people are hurting.  I am one of them.  But while we are all painfully aware that a recession and stagflation might very well be imminent, we ought also to be aware that state and local governments are less able to help because they are saddled with the costs of fighting wildfires, massive floods, and historic droughts.  Climate change is driving up food prices.  Additionally, there are many costs of climate change that don’t necessarily make it into the news, but still add up.  Here in Iowa we haven’t had recent massive floods or droughts, but weather has been unpredictable enough that many small farmers have seen their yields go down.  Land that was once prime farmland is now not worth the risk to plant, even in a state with the richest soil in the world.

Still we have nay-sayers who go on about how much it will cost to transition to clean energy.  Add up all the costs of fires, floods, crop losses, and heat waves.  Consider the costs of having to fix the electric grid in Texas or building a seawall to stop tidal flooding in Miami.   To suggest that somehow it is in our financial interests to wait to act is not now passing a bill to our children, it is ignoring a crisis in front of us here today.  Only a fool would believe that they personally would not be affected, that somehow they are immune.  And only a fool will believe that the costs of mitigation are not going to skyrocket in the very near future.

We need to remember why we have stagflation and recession.  It is due in large part to our dependence on fossil fuels and the disruptions of climate change.  Had we acted faster the price of oil would not be high to begin with and wouldn’t matter besides.  This recession was caused by inaction; only action will be its cure.

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