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Climate

John Kerry’s Climate Agenda A Real Drag On Biden’s Reelection

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Biden administration climate envoy John Kerry recently talked to BBC News about how he believes climate change will impact the 2024 elections.

While the BBC and Kerry regard climate change as a critical concern, only 2% of Americans view climate change as a very important problem.

Voters care about the economy, the border, and low gasoline prices. The public generally understands that the United States has a large comparative advantage in the oil and natural gas sector. [emphasis, links added]

To contest these understandings in advance of the November presidential elections, Kerry sought to present a rosy picture of the transition from a carbon-based economy to a green energy economy.

The facts are not on Kerry’s side.

Research by Professor John Cochrane of the Hoover Institute and Professor Gordon Hanson of Harvard University demonstrates that an abrupt transition to a green economy would undermine economic growth and recreate the economic conditions of Appalachia in affluent communities that are dependent on carbon-based industries.

Cochrane further suggests that under the most dire forecasts, without action by world governments, by 2100 climate change will reduce U.S. GDP by as little as 5-10%. That’s couch change.

Even with today’s low 2% per year GDP growth rate, the U.S. economy in 2100 would be 160% larger than today. If the promises of artificial intelligence are realized, the U.S. economy in 2100 will be five times larger than today. An economy of $150 trillion would be able to deal with the effects of climate change easily.

Top line? In the 2024 elections, Americans will vote for policies that promote economic growth. They will not vote for European-style policies which are leading to the deindustrialization of Western Europe. In terms of per capita GDP, the U.S. is already 40% wealthier than Europe.

Kerry also demonstrated ignorance about public attitudes toward President Joe Biden’s possibly unconstitutional decision to suspend new export licenses for liquefied natural gas facilities.

The country is not happy about that decision — with good reason. The competitor gas-rich nation of Qatar is accelerating its development of LNG export facilities to take advantage of Biden’s economic delusion.

It gets worse. Because Kerry also appears to be unfamiliar with the current economics of electric vehicles, Americans are demonstrating with their purchase decisions that they are not in a hurry to buy EVs.

Indeed, EVs are a financial black hole for Ford and GM. Ford loses $36,000 per vehicle sold. Yes, you read that right. A $36,000 loss per vehicle. That is not sustainable. Both Ford and GM are reducing their capital investments in EVs.

Climate envoy Kerry clearly has not done his homework on the economics of climate change or the mood of the public. People care more about inflation and jobs than the temperature.

On the economy, former President Donald Trump enjoys a large advantage. Put another way, Kerry isn’t doing Biden any favors.

Top image via YouTube screencap

Read more at Washington Examiner

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