Among the numerous scathing criticisms leveled against the record $3.1 trillion federal budget proposal —which will be the last of the George W. Bush White House— are fiscal irresponsibility, near record deficits, and plans to cut or eliminate fully 151 federal programs, in an effort to save just $18 billion, while base Defense Dept. spending increases by 8%.
Economists worry that spending priorities laid out in the budget will only exacerbate current economic slowdown. Democrats in Congress have vowed the budget “will not be the model” for the legislation they will put forth to govern spending for 2009. But the White House insists the budget is fiscally responsible and will in fact reduce spending.
2008 will be a year in which the integrity of election processes, the quality and resilience of cultivated soils, the availability of credit to consumers, the affordability of homes and rentals, and access to affordable vital staples like food and water, as well as the cost of transportation, will affect economies the world over. Some economic analysts have said the combination of these factors, resulting instability or environmental degradation, and migration of affected populations, could mean the world is facing an unprecedented level of economic precariousness.
2007 saw prices of commodities, ranging from grains, to metals to petroleum, skyrocket, with mining giants like Río Tinto tripling their stock value, and the price of bread in Mediterranean countries like Spain, jumping 40%. The Earth Policy Institute reports that world grain stocks are at an all-time record low, with only about 54 days of consumption available in case of crop failure or demand-driven scarcity. Drinkable water is also frighteningly scarce, with overpumping of fossil aquifers already beyond sustainable and on the rise.
Between the years 2008 and 2020, we are likely to see a still unimaginably sweeping shift away from fossil fuels and high-contamination modes of powering our economy. The transition will have a political component, but will be driven mostly by cost concerns, resource scarcity, and public demand for cleaner air and responsible climate policy, a demand which is not ideological in nature.
The long-term overhaul of the global economy, to bring it in line with what would be a responsible climate policy, will be more gradual, and has for some time now been taking its first halting steps toward acquiring momentum. But wealthy countries, ostensibly the most dependent on carbon-based fuels, also enjoy the conditions that permit broader flexibility in fuel resourcing, namely an economic cushion and variety in the marketplace.
Due to the science we already have, the laws we have to govern our own activity and to force government to act for the public health, we face the real possibility of being forced, in American courts, in the future, to pay for damage done to the most affected populations in other parts of the world, as a result of inaction by our government. And if not in court, then as a matter of the de facto urgencies of international political stability.
If we do not find a way to work to mitigate global climate change, future generations will look back and will see clearly that a zeitgeist of selfish convenience and primitive disregard for the wellbeing of our fellow human beings led to a reckless attitude with regard to this snowballing crisis. The public voice, and those campaigning for the level of public respect needed for election to office, should bring this issue to the fore, push for real initiatives to tackle the problem boldly, in a collaborative way, now.
Examining the manner in which financial news is reported in the popular media, HotSpring proposes to create a system whereby live-update, rss-technology, and financial and editorial expertise, come together to produce a reliable up-to-the-minute resource for evaluating broad economic trends and engagements, without limiting analysis to single-parameter references like GDP or individual stock indices.