Climate Economics
The Atlantic: Forget President Biden, Climate Change is Causing Inflation
17 hours ago
Eric Worrall
Guest essay by Eric Worrall
According to The Atlantic, Biden didn’t cause inflation by dumping crazy amounts of money into the economy, the inflation occurred because climate change prevented the economy from responding the way it was supposed to.
The World Isn’t Ready for Climate-Change-Driven Inflation
Extreme weather and energy uncertainty are already sending prices soaring.
By Robinson Meyer
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Over the past year, U.S. consumer prices have risen 7 percent, their fastest rate in nearly four decades, frustrating households and tanking President Joe Biden’s approval rating. And no wonder. High inflation corrodes the basic machinery of the economy, unsettling consumers, troubling companies, and preventing everyone from making sturdy plans for the future.
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Now, Biden is not a king, nor does he have an alchemist on staff. But some economists believe that he accidentally did something similar last year when he passed a $1.9 trillion relief bill into an economy still constrained by the pandemic. Flush with $1,400 stimulus checks but stuck at home, consumer spending on durable goods surged. But where was all that stuff supposed to come from? America’s overeager excess of dollars leapt into the world, chasing goos from factories shut down by the Delta variant and ports clogged with shipping containers.
https://wattsupwiththat.com/2022/02/02/the-atlantic-forget-president-biden-climate-change-is-causing-inflation/
