How does Global warming affect the U.S economy?

 

 

 

 

 

Graph showing negative effects of global warming on the U.S Economy

 

What Are the Negative Effects of Global Warming on the U.S. Economy?:

A shorter winter means that many pests, such as the pine bark beetle, are not dying off in the winter and are killing millions of trees. Warmer summers have led to an increase in forest fires. The dead trees have increased the intensity of these fires, leading to destruction of timber. (Source: IPCC Climate Change 2007)

 

2007)
Longer summers have led to an increase in the allergy season and increased health care costs for asthma and allergy sufferers. In addition, increased air pollution kills 1,000 U.S. residents for every 1°C increase in temperatures. (Source: AmMedNews.com, "Health risks heating up?" April 21, 2008)

Increased Hurricanes Cost U.S. Billions:

Many experts believe that global warming increases the size and frequency of hurricanes. In 2005, Hurricane Katrina created $125 billion in damage, with $66 billion in insured losses.It caused GDP to decline from 3.8% in Q3 to 1.3% in Q4 2005. In 2008, Hurricane Gustav and Hurricane Ike hit the U.S. Though they did not cause as much damage, they support the trend of more frequent and more severe hurricanes caused by global warming.

How Do Efforts to Curb Global Warming Affect the U.S. Economy?:

In 2007, the Department of Energy invested $1 billion to spur the biofuels industry. Last year, over 100 biofuel factories produced 6.4 billion gallons of ethanol using 18 million acres of corn. This was 20% of total U.S. corn production, which drove corn prices to a record $4 per bushel. Since most of corn production is used to feed livestock, this food prices increased four percent. (Source: Department of Energy, Biomass 2008: Fueling Our Future, April 2008; MIT Technology Review, The Price of Biofuels, January/February 2008)