Question

The Economic Against the Paris Agreement. What do you think?

Answer 1

The Paris agreement had set arbitrarily harsh regulatory requirements at the cost of the US economy. In order to comply with the agreement, the liability fell mainly on the American people from job losses to increased electricity prices. In fact, the pact would have cost Americans nine million jobs and three trillion dollars according to some studies.

            On the other hand, these tremendous costs would have brought about only an insignificant benefit to the environment. If all 195 countries would have abided by the Paris agreement, that would have reduced global warming only 0.16 degree Celsius by 2100 according to one more research. This is the definition of all pain and no gain as is evident from the following data that US would have suffered following losses till 2035

• Nearly 400,000 overall average job shortfall
• An average of over 200,000 manufacturing job shortfall
• A more than $20,000 total income loss for a family of four
• A loss of over $2.5 trillion in aggregate gross domestic product (GDP)
• Increase between 13 percent and 20 percent in household electricity expenditures.

The overall review of the agreement shows that it would have caused greater economic loses to US as compared to the negligible benefits.