The agreement could have big effects on the U.S. — particularly on the pocketbooks of average citizens and small businesses — but it’s unlikely to have much effect on the climate.
As far as international agreements go, this one is a bit bizarre. Each country participating in the Paris climate accord was asked to submit a pledge outlining what it will do to help curb climate change. Most countries didn’t pledge much in the way of change.
The U.S., though. We just about gave away the farm.
Obama has already given the U.N.’s Green Climate Fund $500 million in U.S. taxpayer dollars. And he’s promised billions more.
Then there are the billions we spend every year on green energy subsidies.
And of course, there are the efforts to curb emissions which raise energy prices for everyone… a fact that hits poorer households much harder than richer ones.
And finally, Obama has also pledged to send $100 billion every year to developing countries to help them cut down on their own emissions. The National Review gives a nice summary of the how the Paris Agreement adds up (or doesn’t!)
And Obama’s promising all this without the consent of Congress. You can see that full story in the Washington Times.
These policies are certain to drive up your tax burden and make your energy costs more expensive. Now more than ever, you need to take steps to become more financially self-reliant.