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Monday, July 10, 2017

US Economy To Be Damaged Severely By Climate Change, Study Finds

US Economy To Be Damaged Severely By Climate Change, Study Finds

The United States of America will be facing severe economic damage as the effects of anthropogenic climate change continue intensifying over the coming decades. A new study published in the journal Science predicts that unmitigated climate change will damage the poorest-third of US counties to the tune of 20% of total income.

The regions that will be hit the hardest in the US over the coming years economically will be primarily in the South and in the lower Midwest. In other words, economic centers will be likely to move northwards, leaving the hotter, southern parts of the US impoverished as compared to the current situation.

It should be realized here, though, that the study predicts overall losses — potential economic gains in more northerly parts of the US will in no way make up for the losses in other parts of the country, according to the study. Widening economic inequality and economic restructuring are also predicted by the new study.

“Unmitigated climate change will be very expensive for huge regions of the United States,” commented lead researcher Solomon Hsiang, the Chancellor’s Associate Professor of Public Policy at UC Berkeley. “If we continue on the current path, our analysis indicates it may result in the largest transfer of wealth from the poor to the rich in the country’s history.”

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