Mariner, like many citizens, notices that the 114th Congress (January 3, 2017, to January 3, 2019) left the nation $21,683,971,652,591.44 in debt. For clarification, that’s 21 TRillion; it’s a record; Republicans held both houses, which is ironic. Despite this indebtedness, Republicans along with Donald fight to keep tax policies in place that guarantee insolvency without even considering new costs related to infrastructure et al. However, the grenade in the well is not any current budgetary conflict. It is the cost of climate change. The next paragraph is the latest assessment and targets thirty years from today:
֎ [curbed.com] A growing body of work underscores the dangers facing coastal real estate. In addition to the “Underwater” report, the U.S. government’s most recent National Climate Assessment found that between $66 billion and $106 billion of real estate will be below sea level by 2050, and that within an eighth of a mile of U.S. coastline lie businesses and homes valued at a total of $1.4 trillion [will be below sea level].
That’s current value. What would it cost for mariner or the reader to trash their current residence (who wants to buy a home underwater?), purchase new property in an increasingly competitive real estate market, and build a comparable home at three times the original cost? If mariner figures rightly, the cost is more like $4.6 trillion. These stakes are too rich for state governments to even imagine what could be underwritten by a state tax base.
Racist conservatives are discontent with the rate of immigration on the southern border. Wait until they realize that a wholly American emigration of 280,000 citizens will encroach on everyone’s backyards. Housing, already a troublesome topic, will suffer its own tidal wave of space, cost and adequacy.
Mariner’s assumption is that the US will suffer severe solvency issues (spelled ‘depression’) if the tax code is not seriously retargeted to garner trillion dollar amounts to cover costs above and beyond infrastructure and discretionary spending – to say nothing of building a wall and going to war with somebody, anybody will do.