The White House Office of Management and Budget has released the first ever accounting of how unchecked global warming would impact the federal budget, looking at its potential to dampen the economy as a whole and balloon costs over time.
Based on current warming trends, OMB predicted climate change could reduce the country’s Gross Domestic Product, or economic output, by as much as 10% by the end of this century. That translates into an annual revenue loss to the federal budget of 7.1%, or about $2 trillion in today’s dollars. For perspective, the Biden Administration’s entire proposed budget for fiscal year 2023 is $5.8 trillion.
“It’s kickstarting the government doing this,” said Margaret Walls, Director of the Climate Risks and Impacts Program at Resources for the Future, a Washington research group. But, she continued, “it’s imperfect.”
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