September 05, 2019
Go here https://www.foxnews.com/opinion/marlo-lewis-climate-questions-for-democrats-that-no-one-seems-to-want-to-ask to read the rest.The Democrats running for their party’s presidential nomination are focusing more on climate change. Here are five questions reporters should ask to test whether the candidates’ climate policies deserve the support of the American people. In fact, these are questions that should be asked of all politicians who advocate climate policies, regardless of their party affiliation.
1. Would your climate policies trigger a recession? [emphasis in original]
With 10-year Treasury bond yields continuing to fall relative to two-year bond yields, and 30-year bond yields hitting an all-time low, many market analysts worry the economy is heading towards a recession.
However, a recent Bloomberg News article notes that consumer confidence in August hit an all-time high, and a major reason is low oil prices. As the story explains: "Few things get consumers to pull back like rising gasoline prices.â€
Indeed, "every downturn since 1970 has been preceded by a doubling of oil prices the prior 12 months that has pressured consumer spending, which accounts for about two-thirds of the economy.â€
Oil prices are low because the U.S. energy companies are producing at record levels. Climate policies such as the Green New Deal aim to ban offshore drilling, hydraulic fracturing, and fossil fuel exports and imports, plus "massively raise taxes†on oil industry investors.
Such policies would quickly bankrupt industries that keep consumer confidence high by keeping energy prices low.
What is the risk that the energy price shocks from your plan to suppress oil and gas production would push the economy into a recession?
Posted by: Timothy Birdnow at
09:52 AM
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