Opinion: Carbon dividends a tax everyone can embrace
Derek Faulkner
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The Manresa Power Plant in NorwalkFile photo
The economic crisis brought on by the COVID-19 pandemic introduced a myriad of negative impacts on individuals, families, businesses and communities. Certain sectors were hit especially hard, but the woes of record high unemployment and business closures rippled through our economy, leaving widespread financial uncertainty.
To mitigate these effects felt throughout the nation, Congress passed the first stimulus package in the spring, including direct payments to citizens, and another early in 2021.
Throwing money at an economic crisis may not be flawless, but Congress can certainly learn from the bipartisan agreement on putting cash into the hands of struggling citizens. As Congress inevitably confronts another crisis climate change cash payments in the form of dividends may play key role in another bipartisan effort.
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The economic crisis brought on by the COVID-19 pandemic introduced a myriad of negative impacts on individuals, families, businesses and communities. Certain sectors were hit especially hard, but the woes of record high unemployment and business closures rippled through our economy, leaving behind widespread of financial uncertainty.
To mitigate these effects felt throughout the nation, Congress passed the first stimulus package in the spring, including direct payments to citizens. Despite debate over the amount, the House & Senate will be voting on another package early in 2021. As 2020 came to a close, Senator Chris Murphy (D-Conn.) took to the Senate floor supporting the proposed increase from $600 to $2,000 emergency relief checks for citizens. As the next Congress inevitably confronts another crisis climate change cash payments in the form of dividends may play a key role in another bipartisan effort.
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Columnist Rich Lowry’s dismissal of the climate crisis, which recently ran in the Sun Journal, directly contradicts the positions of our armed services, the U.S. insurance industry and financial sector.
Consider the following statements:
The Department of Defense: “As greenhouse gas emissions increase, sea levels are rising, average global temperatures are increasing, and severe weather patterns are accelerating. These changes, coupled with other global dynamics . . . will devastate homes, land and infrastructure.”
Freddie Mac’s Economic and Housing Research group: “(R)ising sea levels and spreading flood plains . . . appear likely to destroy billions of dollars in property and to displace millions of people. The economic losses and social disruption may happen gradually, but they are likely to be greater in total than those experienced in the housing crisis and Great Recession.”