A doomy prognostication for a sunny Monday from the Cult of Climastrology
Climate change means more fear, less fun for global middle class: UBS
The erosion of wealth among the world’s middle class due to climate change is a threat to economic and social stability which could spur its 1 billion members to push for action on global warming, Swiss bank UBS Group AG said.
In a study of middle-class consumption in 215 cities around the world, UBS analysts found spending priorities were noticeably different in cities most at risk from climate change such as Los Angeles, Tokyo and Shanghai.
In those top-risk cities, the middle class spent between 0.6 and 0.8 percent more on housing compared to the national average, and less on luxuries, entertainment and durable goods.
The report said middle-class households are already changing their lifestyles in the cities most exposed to hotter temperatures, rising sea levels and extreme weather such as storms and floods.
“More fear, less fun is how we might sum it up,” said the study https://www.ubs.com/microsites/climatechange/en/home.html.
In places with high risks of climate-related shocks, people spend more on the upkeep of their properties. And homes may decrease in value if certain places become less appealing to live, eating into wealth, the report said.
Huh. Imagine that. People spending money on the upkeep of their homes. That never happened before, right? Could it also be that costs are higher in these leftist areas, what with their higher taxation, policies that increase costs, and, hey, could part of it be “climate change” policies that increase costs, and force homeowners to spend more for upkeep, repair, and replacement?
