Economy
As Biden takes climate victory lap, new threat emerges in American West
Published:
President Biden took a well-deserved victory lap in signing the Inflation Reduction Act today. with his often-scorned strategy of compromising on Capitol Hill bringing about the Schumer-Manchin climate bill just in time for the mid-term elections.
But even as he signed what represents the biggest-ever U.S. effort to fight global warming and reduce emissions, the federal government was ordering drastic water cuts out West, tied to threateningly low levels in the Colorado River. Arizona, Nevada and Mexico are expected to see cuts, the second time in two years. With no end to the drought in site, few are expecting them to be temporary.
Overall, the scenario is set to shift the climate fight in the U.S from one of reducing emissions to prevent future crises to rapid and painful mitigation of the catastrophes that have already been caused. Indeed, as we can see in Europe, where hosepipe bans, air-conditioning rationing and drastic energy usage restrictions are emerging, the mitigation phase of the climate fight will be far more painful and controversial than the engagement and de-carbonization phase.
For Biden and the Democrats, today’s signing is a timely benefit as elections loom. But as the water cuts and heatwaves grow, and we move from a climate culture war to a real-life scramble for resources, it’s becoming clearer how quickly time is running out.
Subscribe to Callaway Climate Insights to keep reading this post and get 7 days of free access to the full post archives.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.