The Eroding Financial Strength of the US

 The United States has set a goal to reach 100 % carbon pollution-free electricity by 2035 and net zero emissions throughout the economy by 2050. The President also pledged an interim goal of a 50-52% reduction from 2005 levels in economy-wide net greenhouse gas pollution by 2030. These goals are pipe dreams as much of the promises made under the Paris Agreement seem to be. The U.S. Energy Information Administration, EIA, is forecasting that by 2030energy-related CO2 emissions fall to 25% to 38% below 2005 levels. 

The window for limiting global temperature to 1.5 degrees Celsius has probably closed. CO2 emissions from fuel have continued to grow year after year with the exceptions of a brief respite during the global financial crisis and the Covid-19 lockdowns. World CO2 emissions have resumed their climb. Total CO2 emissions for planet earth reached 40.6 billion tonnes of CO2 (GtCO2) in 2022.

“The scientific community has made clear that the scale and speed of necessary action is greater than previously believed.  There is little time left to avoid setting the world on a dangerous, potentially catastrophic, climate trajectory.  Responding to the climate crisis will require both significant short-term global reductions in greenhouse gas emissions and net-zero global emissions by mid-century or before.”

“It is the policy of my Administration to organize and deploy the full capacity of its agencies to combat the climate crisis to implement a Government-wide approach that reduces climate pollution in every sector of the economy; increases resilience to the impacts of climate change; protects public health; conserves our lands, waters, and biodiversity; delivers environmental justice; and spurs well-paying union jobs and economic growth, especially through innovation, commercialization, and deployment of clean energy technologies and infrastructure…” 

So, our nation is on a mission to reduce the greenhouse gas emissions of our natin and prepare for and respond to climate change. Climate change is also increasing the frequency  and supercharging the  intensity of drought, lengthening wildfire seasons in the Western states, and the potential for extremely heavy rainfall becoming more common in the eastern states. Sea level rise is worsening hurricane storm surge flooding. In 2022, the U.S. experienced 18 separate weather and climate disasters costing at least 1 billion dollars with the total reaching $165 billion.

from NOAA

According to NOAA, the number and cost of weather and climate disasters are increasing in the United States due to a combination of increased  population and material wealth over the last several decades exacerbated  by the fact that much of the growth has taken place in vulnerable areas like coasts, the wildland-urban interface, and river floodplains.

The problem is that as a nation we are spending our way into poverty and reducing our ability to afford to respond to disasters and protect our citizens. Since the global financial crisis in 2008 when our national debt stood at $13.6 Trillion it has ballooned to $32.7 Trillion today. In 2007 before the global financial crisis our annal budget deficit was $0.16 Trillion, the following year it ballooned to $0.45 Trillion, and just simply never returned to the pre 2008 levels. In 2020 the budget deficit was $3.13 Trillion dollars, currently it is $1.61 Trillion.  Our debt has exceeded our GDP. 

from Treasury.gov

from Treasury.gov

from Treasury.gov