Economist Paul Krugman used his New York Times column Monday to enthuse over the Democrats’ big reconciliation bill, which passed the Senate Sunday, calling it “our best chance at avoiding climate disaster.”
In the op-ed, titled “Did Democrats Just Save Civilization?,” Krugman wrote that thanks to the passage of the Inflation Reduction Act of 2022 “the world is a more hopeful place than it was just a few weeks ago.”
- “This is a very big deal. The act isn’t, by itself, enough to avert climate disaster. But it’s a huge step in the right direction, and sets the stage for more action in the years ahead,” he gushed.
- “It will catalyze progress in green technology; its economic benefits will make passing additional legislation easier; it gives the United States the credibility it needs to lead a global effort to limit greenhouse gas emissions.”
- Regarding Republican predictions that the climate and tax bill will worsen inflation, Krugman opined, “Almost surely, what we’re really looking at is the politics of spite. Every Republican in the Senate was willing to kill our best chance at avoiding climate disaster, simply to deny the Biden administration a win.”
It was just three weeks ago that Krugman admitted he was wrong to dismiss warnings about inflation last year, writing, “As it turned out, of course, that was a very bad call.”