Pirate's Cove

What could possibly go wrong with Los Federales mandating a helping hand?

Biden just released a plan to protect Americans’ retirements and savings from the ‘urgent and systemic risk’ of the climate crisis

President Joe Biden has made clear that acting on the climate crisis is a top priority for his administration – and he also wants to ensure Americans’ wallets aren’t being hurt in the process.

On Friday, Biden unveiled a 40-page report, entitled “A Roadmap to Build a Climate-Resilient Economy,” which focuses on mitigating the financial risks climate change places on people’s retirements, pensions, savings, and more. This follows up on an executive order the president signed in May, which was dedicated to analyzing and mitigating the risk the climate crisis poses to homeowners, businesses, consumers, and the government. (snip)

Specifically, the report outlines a “whole-of-government” approach to promoting the resilience of the US financial system to climate-related risks, protecting life savings and pensions, incorporating climate related financial risk into federal lending, like mortgages, and building more resilient infrastructure.

The report says government agencies such as the Labor Department, Treasury, and Dept. of Veterans Affairs will work to develop tools to mitigate the financial risks across sectors, and they will be releasing subsequent details in coming months.

A 40 page report that doesn’t have the details? Try that in private business, your bosses will wonder what the point of the report is. Anyhow, what that report is pushing should scare everyone with any money, any savings, and retirement accounts. How involved will Los Federales become? Especially when this is a far left Modern Socialist administration. As it stands, Biden and his Comrades already want to know about every bank transaction of over $600. Why is this their business? Further, Biden wanted to know about every bank account with at least $600 in it. His Congressional Comrades are looking to raise that to $10,000. Again, why is this their business?

Anyhow, perhaps there’s a reason, beyond simply running everyone’s lives and making them beholden to Los Federales, for the plan?

Biden pledged during his campaign to reduce fossil fuel usage, and he is pushing for Democrats’ $3.5 trillion social-spending bill to be passed, which includes investments to combat the climate crisis, such as green affordable housing. While there’s no question on the urgency of the crisis, though, Bank of America economist Ethan Harris wrote in a Friday note that actions addressing the climate will likely hurt economic growth “during the transition from a dirty to green economy” because workers will need to move from one sector to another.

But in the long-term, as Harris noted, the stunted economic growth will be well worth it. The United Nations in August released a harrowing report saying some of global warming’s effects will be “irreversible for centuries to millennia,” emphasizing how there’s no time to wait when it comes to addressing climate change.

“Hurt economic growth” means “destroy the economy”. This won’t hurt rich folks, like those in Congress and Let’s Go Brandon, of course. Joe’s report includes lots of stuff like massive financial regulations, taking lots of private money for climate crazy projects, involving themselves into all people’s money and retirement savings, how people save, what they’re allowed to save.