Opinion | Wall Street boogeymen known as 'bond vigilantes' have haunted Democrats for decades. But Biden has a chance to exorcise those demons, reshape the economy, and tackle climate change. By AlexYablon.
after it received insurance payouts and a bailout from the federal government and state for lost tax income, allowing the town to pay its obligations. As Moody's put it,"The heavy physical and economic damage to the town of Paradise has devastated its financial position, realistically eliminating any short-term ability to pay debt service, except with one-time funding sources."
As a financial event, the Paradise credit downgrade was a blip. But when climate related disasters get more severe and widespread, there's every reason to expect larger, more economically important localities will face similar crises that they can't afford to contain on their own. It may not matter much to the national economy and country if Paradise disappears, but California's worsening fire seasons increasingly threaten the economic powerhouses of Los Angeles and the Bay Area.
More importantly, by limiting the scope of green investment to solely what taxes can cover rather than using freely available money to avoid a massive downside risk, Biden will effectively force our grandchildren to pay the price for the appearance of"responsibility." If the federal government does not spend easily available dollars on a green transition now, future catastrophes will be more severe and widespread. If America waits too long to ameliorate or adapt to climate change, not only will frontline communities have a harder time finding the money to cope, there will be far more frontline communities.
Every single part of the country except the far north of the Great Lakes region will likely suffer extreme weather as a result of rising temperatures. Without upfront investment by the federal government, the devastating costs will spread like the floodwaters and flames.Subscribe to push notifications
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