{"id":252046,"date":"2023-04-10T10:09:14","date_gmt":"2023-04-10T08:09:14","guid":{"rendered":"https:\/\/climatescience.press\/?p=252046"},"modified":"2023-04-10T10:09:16","modified_gmt":"2023-04-10T08:09:16","slug":"bidens-gift-to-the-climate-movement-a-deep-economic-recession","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=252046","title":{"rendered":"Biden\u2019s Gift to the Climate Movement \u2013 A Deep Economic Recession?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"542\" data-attachment-id=\"252051\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=252051\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?fit=1200%2C900&amp;ssl=1\" data-orig-size=\"1200,900\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"060bf8966e08a3.image_\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?fit=723%2C542&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=723%2C542&#038;ssl=1\" alt=\"\" class=\"wp-image-252051\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=1024%2C768&amp;ssl=1 1024w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=768%2C576&amp;ssl=1 768w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=800%2C600&amp;ssl=1 800w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=400%2C300&amp;ssl=1 400w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?resize=200%2C150&amp;ssl=1 200w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?w=1200&amp;ssl=1 1200w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"http:\/\/Watts Up With That?\">Watts Up With That?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Essay by Eric Worrall<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"450\" data-attachment-id=\"252048\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=252048\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?fit=877%2C546&amp;ssl=1\" data-orig-size=\"877,546\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0Biden-private-jet-2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?fit=723%2C450&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?resize=723%2C450&#038;ssl=1\" alt=\"\" class=\"wp-image-252048\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?w=877&amp;ssl=1 877w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?resize=300%2C187&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0Biden-private-jet-2.webp?resize=768%2C478&amp;ssl=1 768w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">President Biden, image modified.\u00a0<a href=\"https:\/\/commons.wikimedia.org\/wiki\/File:Joe_Biden_January_2019.jpg\">AFGE<\/a>,\u00a0<a href=\"https:\/\/creativecommons.org\/licenses\/by\/2.0\">CC BY 2.0<\/a>, via Wikimedia Commons<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">h\/t&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/wattsupwiththat.com\/2023\/04\/08\/boston-university-forgive-third-world-debt-to-advance-climate-goals\/#comment-3705851\" target=\"_blank\">ResourceGuy<\/a>&nbsp;\u2013 As key economic indicators redline, greens who believe&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/wattsupwiththat.com\/2023\/03\/05\/degrowth-communism-green-communism-whose-explicit-goal-is-destroying-the-economy\/\" target=\"_blank\">the key to addressing climate change is economic \u201cdegrowth\u201d<\/a>&nbsp;might be about to get their wish.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>US Bank Lending Slumps by Most on Record in Final Weeks of March<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alex Tanzi<br>Sat, April 8, 2023 at 8:06 AM GMT+10\u00b7<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Bloomberg) \u2014 US bank lending contracted by the most on record in the last two weeks of March, indicating a tightening of credit conditions in the wake of several high-profile bank collapses that risks damaging the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most Read from Bloomberg<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-08\/a-1-5-trillion-wall-of-debt-is-looming-for-us-commercial-properties?utm_campaign=bn&amp;utm_medium=distro&amp;utm_source=yahooUS\" rel=\"noreferrer noopener\" target=\"_blank\">A $1.5 Trillion Wall of Debt is Looming for US Commercial Properties<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-07\/walmart-sues-capital-one-to-end-its-credit-card-partnership?utm_campaign=bn&amp;utm_medium=distro&amp;utm_source=yahooUS\" rel=\"noreferrer noopener\" target=\"_blank\">Walmart Sues Capital One to End Its Credit-Card Partnership<\/a><\/li>\n\n\n\n<li><a rel=\"noreferrer noopener\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-08\/flows-and-fundamentals-make-man-group-suspicious-of-stock-rally?utm_campaign=bn&amp;utm_medium=distro&amp;utm_source=yahooUS\" target=\"_blank\">Flows and Fundamentals Make Man Group Suspicious of Stock Rally<\/a><\/li>\n\n\n\n<li>\u2026<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Commercial bank lending dropped nearly $105 billion in the two weeks ended March 29, the most in Federal Reserve data back to 1973. The more than $45 billion decrease in the latest week was primarily due to a a drop in loans by small banks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The pullback in total lending in the last half of March was broad and included fewer real estate loans, as well as commercial and industrial loans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Friday\u2019s report also showed commercial bank deposits dropped $64.7 billion in the latest week, marking the 10th-straight decrease that mainly reflected a decline at large firms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The slide in lending follows the collapse of several firms including Silicon Valley Bank and Signature Bank.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The banking crisis has made a recession more likely, according to JPMorgan Chase &amp; Co.\u2019s Jamie Dimon. The bank\u2019s chief executive officer said in an annual letter that the failures have \u201cprovoked lots of jitters in the market and will clearly cause some tightening of financial conditions as banks and other lenders become more conservative.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2026Read more:&nbsp;<a href=\"https:\/\/finance.yahoo.com\/news\/us-bank-lending-slumps-most-210839551.html\">https:\/\/finance.yahoo.com\/news\/us-bank-lending-slumps-most-210839551.html<\/a><\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">Why am I talking up the risk of an imminent recession?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">My concern is so much of what Biden has done to date has made things worse. As inflation rose, Biden passed the misnamed \u201c<a rel=\"noreferrer noopener\" href=\"https:\/\/en.wikipedia.org\/wiki\/Inflation_Reduction_Act_of_2022\" target=\"_blank\">Inflation Reduction Act<\/a>\u201c, pouring fuel on the inflation fire. The Biden administration remains committed to wrecking the USA\u2019s extractive industries, with&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/wattsupwiththat.com\/2023\/04\/05\/biden-epa-chief-wants-funding-to-hire-hundreds-of-environmental-justice-bureaucrats\/\" target=\"_blank\">nuisance bureaucratic attacks<\/a>,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/wattsupwiththat.com\/2023\/01\/07\/biden-the-job-slayer-keystone-pipeline-would-have-created-10s-of-thousands-of-jobs\/\" target=\"_blank\">permit cancellations<\/a>,&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/wattsupwiththat.com\/2022\/08\/20\/biden-inflation-act-provides-the-epa-new-weapons-to-pursue-their-climate-change-jihad\/\" target=\"_blank\">excessive regulation<\/a>, and lease auction suspensions, deferrals or cancellations. And their blanket guarantee of bank deposits, while reducing the risk of further bank runs in the short term, has increased moral hazard and the risk of large scale resource misallocation, by leaving badly managed banks which should be allowed to fail in the hands of incompetents and criminals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">At every economic inflexion point I can think of, the approach of the Biden administration has been short term and reactive rather than strategic. For example, their decision to&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/oversight.house.gov\/release\/fallon-depleting-the-spr-and-biden-admins-attack-on-american-energy-poses-national-security-risks\/\" target=\"_blank\">drain just under half the strategic oil reserve<\/a>, without doing anything substantial to improve US oil production and energy security, lowered pump prices a little in the short term, but did nothing to address the underlying problems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It is not too late. If the US government pulled back on excessive spending, stopped sucking bond markets dry with their debt funded climate extravagances, and did everything in their power to ease restrictions on drilling, to lower the cost of energy and defuse the ticking inflation bomb, confidence could be restored. The US economy might be able to grow its way out of the inflation trap, without raising interest rates and taxes to economy killing levels.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Over to you, President Biden.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The US economy might be able to grow its way out of the inflation trap, without raising interest rates and taxes to economy killing levels.<\/p>\n","protected":false},"author":121246920,"featured_media":252051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818203,691818056,691818204,691818205],"class_list":["post-252046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-banking-crisis","tag-climate-change","tag-economic-recession","tag-joe-biden","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/060bf8966e08a3.image_.jpg?fit=1200%2C900&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-13zg","jetpack-related-posts":[{"id":253485,"url":"https:\/\/climatescience.press\/?p=253485","url_meta":{"origin":252046,"position":0},"title":"Biden\u2019s green spending blitz could plunge world into \u2018dark ages\u2019, warns Hunt","author":"uwe.roland.gross","date":"04\/18\/2023","format":false,"excerpt":"Subsidising net zero type so-called climate policies in the US is not only enormously expensive but globally disruptive as well, it seems. Climate protection becoming climate protectionism?","rel":"","context":"In \"Britain\u2019s economy\"","block_context":{"text":"Britain\u2019s economy","link":"https:\/\/climatescience.press\/?tag=britains-economy"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0money-down-the-drain74.jpeg?fit=1200%2C797&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0money-down-the-drain74.jpeg?fit=1200%2C797&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0money-down-the-drain74.jpeg?fit=1200%2C797&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0money-down-the-drain74.jpeg?fit=1200%2C797&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/04\/0money-down-the-drain74.jpeg?fit=1200%2C797&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":284186,"url":"https:\/\/climatescience.press\/?p=284186","url_meta":{"origin":252046,"position":1},"title":"Milloy: Biden\u2019s Kamikaze Climate Plan for the US Economy","author":"uwe.roland.gross","date":"10\/20\/2023","format":false,"excerpt":"First, China finally dropped its \u201cnet zero\u201d pose. The world\u2019s largest emitter had promised to reach net zero by 2060. China\u2019s primary goal is to become the lone global superpower by 2049. From Watts Up With That? Steve Milloy,\u00a0in his article for The Hill, presents a critical analysis of President\u2026","rel":"","context":"In \"China\"","block_context":{"text":"China","link":"https:\/\/climatescience.press\/?tag=china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/biden-burning-cash.jpg?fit=1200%2C630&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/biden-burning-cash.jpg?fit=1200%2C630&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/biden-burning-cash.jpg?fit=1200%2C630&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/biden-burning-cash.jpg?fit=1200%2C630&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/10\/biden-burning-cash.jpg?fit=1200%2C630&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":296186,"url":"https:\/\/climatescience.press\/?p=296186","url_meta":{"origin":252046,"position":2},"title":"The green economic miracle is a bloodbath for Germany&#8217;s economy","author":"uwe.roland.gross","date":"01\/17\/2024","format":false,"excerpt":"The recession in Germany is here. And the mix of negative factors does not promise a rosy outlook.","rel":"","context":"In \"German Chancellor Olaf Scholz\"","block_context":{"text":"German Chancellor Olaf Scholz","link":"https:\/\/climatescience.press\/?tag=german-chancellor-olaf-scholz"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/Recession-in-Germany.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/Recession-in-Germany.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/Recession-in-Germany.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/Recession-in-Germany.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2024\/01\/Recession-in-Germany.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":247032,"url":"https:\/\/climatescience.press\/?p=247032","url_meta":{"origin":252046,"position":3},"title":"Democratic Senator Joe Manchin\u00a0 Warns Biden\u2019s Climate Rules Could \u2018Kill Our Economy\u2019","author":"uwe.roland.gross","date":"03\/05\/2023","format":false,"excerpt":"Democratic Sen. Joe Manchin of West Virginia said Wednesday that so-called Environmental, Social and Governance (ESG) investing and climate regulations from the Biden administration posed a threat to the entire U.S. economy.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-235.png?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-235.png?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-235.png?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/03\/image-235.png?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":268200,"url":"https:\/\/climatescience.press\/?p=268200","url_meta":{"origin":252046,"position":4},"title":"Politico: Chinese Emissions are Cancelling Biden\u2019s Efforts to Save Us from Climate Change","author":"uwe.roland.gross","date":"07\/18\/2023","format":false,"excerpt":"The billions of people who in some cases are tasting prosperity for the first time in their nation\u2019s history will not allow Western climate cultists to stand in the path of their economic development, regardless of how much CO2 their economic development produces.","rel":"","context":"In \"Chinese Emissions\"","block_context":{"text":"Chinese Emissions","link":"https:\/\/climatescience.press\/?tag=chinese-emissions"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/image-562.png?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/image-562.png?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/image-562.png?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/image-562.png?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/07\/image-562.png?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":291474,"url":"https:\/\/climatescience.press\/?p=291474","url_meta":{"origin":252046,"position":5},"title":"Why is Joe Biden so blatantly lying? 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