Dec. 8, 1941.
FDR addresses Congress: “Yesterday, 7, 1941, is a day that will live in infamy. . . . As commander in chief of the Army and Navy, I have directed that all measures be taken for our defense.”
Senator: “Point of order, Mr. President. Doesn’t that mean we’ll have to build a lot of ships, planes and tanks?”
FDR: “Of course.”
Senator: “But how are we going to pay for that? Won’t it explode the deficit? You’re gonna raise our taxes, aren’t you.”
Scientists tell us it’s now December 8, 1941 every day for the next 12 years. And yet people (including Democrats) are still asking “How are you going to pay for it?” about immediate action on climate change.
The good news is the World War II analogy is gaining traction. We’ve seen AOC using it. And yesterday, we saw a Fox News reporter get a live surprise by a well-informed Missouri man's support of the Green New Deal:
Fox's Todd Piro seems genuinely confused by a diner guest supporting higher taxes to fund the Green New Deal and fight climate change. pic.twitter.com/aX38cGpwMO
� Bobby Lewis (@revrrlewis) April 4, 2019
Jack, the diner guy, made the World War II analogy right off the bat, and the Fox guy doggedly pursued his agenda by making sure Jack admitted you might have to raise taxes.
Fox and the entire Republican Party (and again, many Democrats) are that fictional World War II Senator. Glaciers melting, Floods in the Midwest, Record temperatures for 18 out of 19 years, Hurricanes, disappearing islands are our generation’s December 7, 1941.
Will massive climate change action increase the deficit? Maybe. Maybe not. The stimulative effect might offset the costs, especially if planned correctly.
But let’s say it does increase the deficit. What do we fear?
Inflation? Well, the last 40 years have shown no correlation between deficits and inflation.
But let’s say there is a risk of deficits and inflation. Let’s go back to WW II and balance the risks. No one would seriously suggest we should have spent less on the war effort because of deficits and inflation risk. No one in 1941 said “How will we pay for defeating the Nazis?”
And paying for fighting today’s existential enemy, climate change, should not be a primary consideration and should not stop immediate action.
The good news is there are ways of anticipating the inflation risk of a massive climate change project. Note: Not the deficit risk, but the inflation risk. Inflation risks can be anticipated. See It's all about the inflation risk.
So let’s be prepared like Jack in MO: If we don’t treat climate change like WW II, we will live in infamy in the eyes of our children and grandchildren.
Related:
Democratic Deficit Obsession: A Surrender to the GOP's Asymmetrical Debt Warfare
Balance the Economy, not the budget