Scientists have been arguing for years now that global warming presents a serious threat to humanity, but the risk it poses to government finances is only now starting to be tallied.
For the first time, the Government Accountability Office (GAO) has listed climate change as a dangerous fiscal threat to the United States. The GAO made this change in its latest High Risk Report, issued every two years and released on Thursday, Feb. 14.
The nonpartisan agency said that regardless of the country's plan to combat the direct effects of climate change, its pocketbook isn't any more prepared to absorb the consequences.
"The federal government is not well positioned to address the fiscal exposure presented by climate change, and needs a government wide strategic approach with strong leadership to manage related risks," reads the GAO report, according to the Washington Post.
Due to the fact that the government owns vast amounts of infrastructure, insures property via the National Flood Insurance Program, and supplies emergency aid in the aftermath of natural disasters, it is vulnerable to the effects of global warming in a number of ways. If disasters ruin infrastructure, the government must pay for its repair. If property is flooded, the government is responsible for the costs of insurance. And as we saw with the aftermath of Hurricane Sandy, the government is the primary source of aid for victims of natural disasters, regardless of whether or not political parties think it's the most ideal use of federal funds.
Already, numerous budgetary concerns are due to rising health care costs and the continuing decline of the Post Office, which has lately become a drain on the federal budget. Unless new ways to fend off the effects of climate change are developed, that, too, will take up an increasing percentage of the government's finances, leaving less money available for other programs.
During his State of the Union speech on Tuesday, President Barack Obama placed a surprisingly strong emphasis on global warming. The president proposed a series of initiatives to help wean cars off of fossil fuels and inspire competition in the green energy fields. He also pledged to take unilateral action should Congress fail to pass comprehensive legislation.
