Let’s concede the claim that man-made climate change is real and poses significant harm to humanity as a whole. That statement is then used as a rallying cry to inflict irrevocable damage on today’s generation, both the rich and the poor. So often in American society, we see a problem, and the immediate reaction of our politicians is to invoke a top-down approach to “fix it,” which often does more harm than good. Frederich Hayek said it best, “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.”
The Biden Administration and the Democratic party have started a never-ending push to wage war on Climate Change and reduce our carbon footprint. Well, how’s it going you may ask? Per one model, eliminating all U.S. emissions would reduce global temperature by less than 0.2 degrees Celsius by 2100. Our current administration would offer you up, today’s citizens, in hopes of saving some future person that has yet to exist in their futile war. They throw us in the fire, yet the Earth grows hotter still; their reprehensible actions are all for naught.
The EPA says, “the largest source of greenhouse gas emissions from human activities in the United States is burning fossil fuels for electricity, heat, and transportation.” The Biden Administration then takes that statement and runs with it. Even with theoretical efficiency in their crusade, the costs of their policies would be staggering. The economy would, in aggregate, lose $7.7 trillion of gross domestic product (GDP) through 2040, which is $87,000 per family of four. What then should we do, you may ask? Well, the best shot we have going forward is a market-based approach. The government should reduce red tape surrounding proven superior energy sources, like fusion energy, reduce unrealistic mandates, and allow people to innovate as they do best. In short, this administration needs to cease and desist their self-proclaimed climate war; the cost paid in American lives is too steep.