A very sobering assessment by one of our greatest economists. His logic is hard to rebut and what's so sad is that much of this damage is self inflicted.
We used to care about science and economic facts and making long term and far sighted investments to keep the country strong and prosperous. Now the Chinese are doing that while Trump and his administration work as hard as possible to knee cap renewables, which are by far the cheapest form of energy globally.
The stupidity and ignorance this administration has shown on green energy is, as Krugman points out, based not just on a desire to please the fossil fuel industry but on a deeper rejection of science and expertise. How else can you explain Chris Wright dismissing solar energy because "solar is unreliable", in complete ignorance of the dramatic drop in price of battery storage and their rapid deployment in places like Texas and California?
Meanwhile storage related stocks like EOSE, FLNC and others have experienced dramatic gains this year. The market gets it – but it's unlikely this administration ever will. And if they do indeed finally blink in the face of the facts and spiraling energy costs, will it be too late?
Source: Epicurus-fan
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But trump and his cronies will emerge far, far richer and that’s what counts. Making America great. Yeah.
Repost, so Ill repost: I’m not sure this is making the point Krugman thinks he is. China is producing nearly 60% of its generation from coal. In raw TWh’s, they produce twice as much electricity from coal as the entire output from the EU’s gird in 2024.