Economy
The people will reject the globalist ‘climate’ agenda
From the Fraser Institute
” representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” “
It’s tempting to dismiss the outcome of COP28, the recent United Nations climate change conference in the United Arab Emirates, as mere verbiage, such as the “historic” UAE Consensus about transitioning away from fossil fuels. After all, this is the 28th such conference and the previous ones all pretty much came to nothing. On a chart showing the steady rise in global total CO2 emissions since 1950 you cannot spot when the 1997 Kyoto Protocol entered into force (2002), with its supposedly historic language binding developed countries to cap their CO2 emissions at five per cent below 1990 levels by 2012. Likewise, the 2015 Paris Agreement contained historic language binding countries to further deep emission reductions, yet the COP28 declaration begins (paragraph I.2) with an admission that the parties are not complying.
Nonetheless we should not overlook the real meaning of the UAE Consensus. COP agreements used to focus on one thing—targets for reducing greenhouse gases. The UAE Consensus is very different. Across its 196 paragraphs and 10 supplementary declarations it’s a manifesto of global central planning. Some 90,000 government functionaries aspire, in their own words, to oversee and micromanage agriculture, finance, energy, manufacturing, gender relations, health care, air conditioning, building design, and countless other economic and social decisions. It’s supposedly in the name of fighting climate change, but that’s just the pretext. Take it away and they’d appeal to something else.
After all, the climate change issue doesn’t necessitate these plans. Economists have been studying climate change for many decades and have never considered it grounds to phase out fossil fuels, micromanage society, etc. Mainstream scientific findings, coupled with mainstream economic analysis, prescribes moderate emission-pricing policies that rely much more on adaptation than mitigation.
The fact that the UAE Consensus is currently non-binding is beside the point. What matters is what the COP28 delegates said they want to achieve. Two facts stand out—the final consensus document announced plans that would cause enormous economic harm if implemented, and it was unanimously approved by everyone in the room.
The first point is best illustrated by the language around eliminating fossil fuels. Climate policy is supposed to be about optimally reducing greenhouse gas (GHG) emissions. As technology develops to decouple emissions from fuel use, there may eventually be no need to reduce the latter, but activist delegates insisted on the language anyway, making it an end in itself. Fossil fuels are essential for our economic standard of living, and 30 years of economic analysis has consistently shown that despite GHG emissions, phasing them out would do far more harm than good to humanity. Yet the Consensus statement ignored that, even while claiming to be guided by “the science.”
The second point refers to the fact that representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” Other than a few elected officials, we didn’t vote for any of them. And even if some heads of state go to a COP meeting intending to oppose the overall agenda, they would not be able to stop it and would be browbeaten into signing the final package.
The UAE Consensus is the latest signal that the real fault line in contemporary society is not right versus left, it’s the people versus (for lack of a better word) the globalists. A decade ago this term was only heard on the conspiracy fringe but has since migrated towards the mainstream as the most apt descriptor of an enormous and influential transnational permanent bureaucracy, which aspires to run everything, even to the public’s detriment, while insulating themselves from democratic limits.
A hallmark of globalists is the way they exempt themselves from rules they want to impose on everyone else. COP28 and Davos meetings perfectly illustrate this—thousands of delegates flying in, many on private jets, to be wined and dined while telling everyone else to learn to do without.
In the cases of both COVID-19 and climate change, the same elite has proven itself to be adept, not at using science to support good decision-making, but at invoking “the science” as a talisman to justify everything they do including censoring public debate. Complex and uncertain matters get reduced to dogmatic slogans by technocrats who ensure political leaders are force fed a narrow one-sided information stream. Experts outside the process are accorded standing based solely on their obeisance to the preferred narrative, not their knowledge or qualifications. Critics are attacked as purveyors of “misinformation” and “disinformation,” and so the existence of opposition to government plans becomes proof of the need to suppress free speech.
But eventually the people get the last word. I am struck, in this context, that despite nonstop fearmongering about an alleged climate crisis, the public tolerates climate policy only insofar as it doesn’t cost anything.
The climate movement might think that by embedding itself in the globalist elite it can accelerate policy adoption without needing to win elections. I think the opposite is happening. The globalists have coopted the climate issue to sell a grotesque central planning agenda that the public has repeatedly rejected. If the UAE Consensus is the future of climate policy, its failure is guaranteed.
Author:
It’s tempting to dismiss the outcome of COP28, the recent United Nations climate change conference in the United Arab Emirates, as mere verbiage, such as the “historic” UAE Consensus about transitioning away from fossil fuels. After all, this is the 28th such conference and the previous ones all pretty much came to nothing. On a chart showing the steady rise in global total CO2 emissions since 1950 you cannot spot when the 1997 Kyoto Protocol entered into force (2002), with its supposedly historic language binding developed countries to cap their CO2 emissions at five per cent below 1990 levels by 2012. Likewise, the 2015 Paris Agreement contained historic language binding countries to further deep emission reductions, yet the COP28 declaration begins (paragraph I.2) with an admission that the parties are not complying.
Nonetheless we should not overlook the real meaning of the UAE Consensus. COP agreements used to focus on one thing—targets for reducing greenhouse gases. The UAE Consensus is very different. Across its 196 paragraphs and 10 supplementary declarations it’s a manifesto of global central planning. Some 90,000 government functionaries aspire, in their own words, to oversee and micromanage agriculture, finance, energy, manufacturing, gender relations, health care, air conditioning, building design, and countless other economic and social decisions. It’s supposedly in the name of fighting climate change, but that’s just the pretext. Take it away and they’d appeal to something else.
After all, the climate change issue doesn’t necessitate these plans. Economists have been studying climate change for many decades and have never considered it grounds to phase out fossil fuels, micromanage society, etc. Mainstream scientific findings, coupled with mainstream economic analysis, prescribes moderate emission-pricing policies that rely much more on adaptation than mitigation.
The fact that the UAE Consensus is currently non-binding is beside the point. What matters is what the COP28 delegates said they want to achieve. Two facts stand out—the final consensus document announced plans that would cause enormous economic harm if implemented, and it was unanimously approved by everyone in the room.
The first point is best illustrated by the language around eliminating fossil fuels. Climate policy is supposed to be about optimally reducing greenhouse gas (GHG) emissions. As technology develops to decouple emissions from fuel use, there may eventually be no need to reduce the latter, but activist delegates insisted on the language anyway, making it an end in itself. Fossil fuels are essential for our economic standard of living, and 30 years of economic analysis has consistently shown that despite GHG emissions, phasing them out would do far more harm than good to humanity. Yet the Consensus statement ignored that, even while claiming to be guided by “the science.”
The second point refers to the fact that representatives of governments worldwide endorsed policies that will, if implemented, do extraordinary harm to their own people. Where governments have made even small attempts to take these radical steps, the public has revolted. This calls into question whom the COP28 delegates “represent.” Other than a few elected officials, we didn’t vote for any of them. And even if some heads of state go to a COP meeting intending to oppose the overall agenda, they would not be able to stop it and would be browbeaten into signing the final package.
The UAE Consensus is the latest signal that the real fault line in contemporary society is not right versus left, it’s the people versus (for lack of a better word) the globalists. A decade ago this term was only heard on the conspiracy fringe but has since migrated towards the mainstream as the most apt descriptor of an enormous and influential transnational permanent bureaucracy, which aspires to run everything, even to the public’s detriment, while insulating themselves from democratic limits.
A hallmark of globalists is the way they exempt themselves from rules they want to impose on everyone else. COP28 and Davos meetings perfectly illustrate this—thousands of delegates flying in, many on private jets, to be wined and dined while telling everyone else to learn to do without.
In the cases of both COVID-19 and climate change, the same elite has proven itself to be adept, not at using science to support good decision-making, but at invoking “the science” as a talisman to justify everything they do including censoring public debate. Complex and uncertain matters get reduced to dogmatic slogans by technocrats who ensure political leaders are force fed a narrow one-sided information stream. Experts outside the process are accorded standing based solely on their obeisance to the preferred narrative, not their knowledge or qualifications. Critics are attacked as purveyors of “misinformation” and “disinformation,” and so the existence of opposition to government plans becomes proof of the need to suppress free speech.
But eventually the people get the last word. I am struck, in this context, that despite nonstop fearmongering about an alleged climate crisis, the public tolerates climate policy only insofar as it doesn’t cost anything.
The climate movement might think that by embedding itself in the globalist elite it can accelerate policy adoption without needing to win elections. I think the opposite is happening. The globalists have coopted the climate issue to sell a grotesque central planning agenda that the public has repeatedly rejected. If the UAE Consensus is the future of climate policy, its failure is guaranteed.
Author:
Business
Canadians should expect even more spending in federal fall economic statement
From the Fraser Institute
By Jake Fuss and Grady Munro
The Trudeau government will soon release its fall economic statement. Though technically intended to be an update on the fiscal plan in this year’s budget, in recent years the fall economic statement has more closely resembled a “mini-budget” that unveils new (and often significant) spending commitments and initiatives.
Let’s look at the data.
The chart below includes projections of annual federal program spending from a series of federal budgets and updates, beginning with the 2022 budget and ending with the latest 2024 budget. Program spending equals total spending minus debt interest costs, and represents discretionary spending by the federal government.
Clearly, there’s a trend that with every consecutive budget and fiscal update the Trudeau government revises spending estimates upwards. Take the last two fiscal years, 2023/24 and 2024/25, for example. Budget 2022 projected annual program spending of $436.5 billion for the 2023/24 fiscal year. Yet the fall economic statement released just months later revised that spending estimate up to $449.8 billion, and later releases showed even higher spending.
The issue is even more stark when examining spending projections for the current fiscal year. Budget 2022 projected annual spending of $441.6 billion in 2024/25. Since then, every subsequent fiscal release has revised that estimate higher and higher, to the point that Budget 2024 estimates program spending of $483.6 billion for this year—representing a $42.0 billion increase from the projections only two years ago.
Meanwhile, as spending estimates are revised upwards, plans to reduce the federal deficit are consistently pushed off into later years.
For example, the 2022 fall economic statement projected a deficit of $25.4 billion for the 2024/25 fiscal year, and declining deficits in the years to come, before reaching an eventual surplus of $4.5 billion in 2027/28. However, subsequent budgets and fiscal updates again revised those estimates. The latest budget projects a deficit of $39.8 billion in 2024/25 that will decline to a $26.8 billion deficit by 2027/28. In other words, though budgets and fiscal updates have consistently projected declining deficits between 2024/25 and 2027/28, each subsequent document has produced larger deficits throughout the fiscal outlook and pushed the timeline for balanced budgets further into the future.
These data illustrate the Trudeau government’s lack of accountability to its own fiscal plans. Though the unpredictable nature of forecasting means the government is unlikely to exactly meet future projections, it’s still reasonable to expect it will roughly follow its own fiscal plans. However, time and time again Canadians have been sold a certain plan, only to have it change dramatically mere months later due to the government’s unwillingness to restrain spending. We shouldn’t expect the upcoming fall economic statement to be any different.
Authors:
Daily Caller
Climate Change Fanaticism Was The Big Election Loser
From the Daily Caller News Foundation
By Stephen Moore
A few days before last week’s election, Independent Vermont Sen. Bernie Sanders issued a dire warning to voters. If Trump won, “the struggle against climate change will be over.”
He had that right.
Climate change fanaticism was effectively on the ballot last week. That green energy agenda was decisively defeated.
It turns out the tens of millions of middle-class Americans who voted for Trump weren’t much interested in the temperature of the planet 50 years from now. They were too busy trying to pay the bills.
The result shouldn’t be too surprising. Polls have shown climate change ranks near the bottom of voters’ concerns. Jobs, inflation and illegal immigration register much higher on the scale of concerns.
But if you asked the elite of America in the top one percent of income, climate change is seen as an immediate and existential threat to the planet. Our poll at Unleash Prosperity earlier this year found that the cultural elites were so hyper-obsessed with climate issues, they were in favor of banning air conditioning, nonessential air travel and many modern home appliances to stop global warming. Our study showed that not many of the other 99 percent agree.
Wake up, Bernie and Al Gore.
Climate change has become the ultimate luxury good: the richer you are, the more you fret about it.
Among the elite, obsessing about climate change has become a favorite form of virtue-signaling at the country club and in the faculty lounges. There is almost no cross that the green elites — the people who donate six figures or more to groups like the Sierra Club — aren’t willing to make lower income Americans bear to stop global warming.
Herein lies the political curse of the climate issue. A millionaire doesn’t care much if the price of gas rises by $1 a gallon or if they have to pay another $100 a month in utility bills. But the middle class hates paying more.
It wasn’t just economic concerns that turned the voters against climate crusaders like President Joe Biden and Vice President Kamala Harris. Workers weren’t too thrilled with the heavy fist of government commanding them to buy an electric vehicle — whether they wanted one or not.
It hasn’t helped the greens’ cause that the same progressives who are out to save the planet with grandiose transformations and global government, seem to have no problem with the garbage polluting the streets of our major cities or the graffiti or the feces and urine smell on the street corners of San Francisco and New York. That’s real pollution. And it’s affecting us here and now.
The good news is this year’s voter revolts against the radical green agenda are not a vote for dirtier air or water. The air that we breathe and the water we drink is cleaner than ever — a point that President Donald Trump correctly made. We will continue to make progress against pollution.
To try to sell middle America on the climate-change agenda of abolishing fossil fuels, the greens peddled bogus arguments that climate change would hurt poor communities most. In reality the financial costs of the climate policies and the paychecks lost were felt by the non-elite.
Democrats forgot to visit the steel-mill construction sites or the auto plants or the oil patch and ask those workers what they thought.
Well, now we know the reality. Americans think their shrinking paychecks and the higher price of gas they pay at the pump is the real clear-and-present danger. If Democrats don’t start to get that, they too will go to bed worrying about their jobs.
Stephen Moore is a senior fellow at the Heritage Foundation and a co-founder of Unleash Prosperity. His latest book is titled: “The Trump Economic Miracle.”
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