{"id":375372,"date":"2025-04-16T16:32:37","date_gmt":"2025-04-16T14:32:37","guid":{"rendered":"https:\/\/climatescience.press\/?p=375372"},"modified":"2025-04-16T16:32:39","modified_gmt":"2025-04-16T14:32:39","slug":"the-new-york-times-claim-that-climate-change-threatens-the-global-economy-is-false","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=375372","title":{"rendered":"The New York Times\u2019 Claim That Climate Change Threatens the Global Economy Is False"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

<\/p>\n\n\n\n

From ClimateRealism<\/a><\/p>\n\n\n\n

By Anthony Watts<\/a><\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

In the recent New York Times <\/em>(NYT) editorial \u201cClimate Change Could Become a Global Economic Disaster<\/em><\/a>,\u201d author David Gelles paints a picture of impending economic collapse, driven by climate-induced destruction of real estate markets, insurance availability, and global GDP. Gelles\u2019 claims are speculative, based on a faulty analysis of climate change and a flawed understanding of economics and history. The evidence suggests that these apocalyptic scenarios are not only built on worst-case modeling completely divorced from real-world empirical data, but also ignore humanity\u2019s long record of adaptation, innovation, and resilience in the face of change.<\/p>\n\n\n\n

Let\u2019s start with the article\u2019s centerpiece claim: that global temperatures are \u201call but certain\u201d to exceed 2\u00b0C and may reach 3\u00b0C by century\u2019s end. This assertion leans heavily on scenario-based climate models\u2014not observations. As noted<\/a> at Climate Realism<\/em>, even the IPCC now quietly acknowledges that its previously touted high-emissions pathway, RCP8.5, is increasingly implausible. And yet this outdated scenario remains the go-to for media catastrophism. Real-world data shows warming trends more consistent with the lower-end projections<\/em>, with no sign of the runaway feedback loops media outlets breathlessly parrot.<\/p>\n\n\n\n

Moreover, models are routinely adjusted retroactively, and their forecasts rarely match actual climate observations. As Roy Spencer, Ph.D., has detailed, models overestimate warming compared to satellite data<\/a>, a point conveniently omitted by the NYT.<\/p>\n\n\n\n

The NYT parrots an old favorite: that cities like Miami and Osaka will be underwater. The implication is one of a biblical deluge, yet actual tide gauge records and satellite altimetry show no acceleration in sea-level rise<\/a>. Sea levels continue to rise at a modest, linear rate of around 3mm per year\u2014consistent with trends observed since the 19th century, and certainly nothing that improved infrastructure to prevent flooding can\u2019t handle.<\/p>\n\n\n\n

And what about that \u201c$1.47 trillion in lost real estate value\u201d forecasted by 2055? That claims is based on reports from First Street Foundation, whose track record includes exaggerated flood maps that frequently misrepresent actual local risk<\/a>. These so-called models overlook local infrastructure improvements, stormwater management, and elevation protections. They are tools of advocacy, not science. In fact, population increases continue to this day in areas historically prone to natural disasters like floods, hurricanes, and wildfires, as is reflected in rising property values.<\/p>\n\n\n\n

Gelles\u2019 warning of declining crop yields under 3\u00b0C warming is flatly contradicted by global agricultural data. As  Climate Realism<\/em> explains<\/a>, yields for major crops\u2014corn, wheat, rice, and soybeans\u2014have continued to break records year after year as the Earth has modestly warmed. Carbon dioxide, the supposed villain in this narrative, is actually a plant nutrient. Increased atmospheric CO\u2082 boosts photosynthesis and water-use efficiency\u2014facts that real farmers know even if climate bureaucrats pretend not to.<\/p>\n\n\n\n

Yes, localized crop failures can occur from drought or heat\u2014but global food systems are more diversified, mechanized, and resilient than at any time in human history. There is no impending famine due to climate change\u2014only misleading headlines<\/a> crafted to push policy agendas.<\/p>\n\n\n\n

One of the more theatrical claims comes from Allianz SE board member G\u00fcnther Thallinger, who warns that \u201centire regions are becoming uninsurable.\u201d This narrative is increasingly deployed by activists hoping to push regulatory and financial compliance to extreme climate agendas. But as Climate Realism<\/em> notes<\/a>, the real drivers behind insurance withdrawal from certain areas are not climate-induced disasters, but political and regulatory pressures\u2014price controls, legal liability risks, and zoning decisions.<\/p>\n\n\n\n

Insurers adjust rates and coverage areas based on risk, profit margins, and policy interference. That\u2019s capitalism, not climate collapse. Suggesting that the entire financial system is on the verge of implosion because of climate change is falsehood, built upon an ignorance of how insurance markets work in tandem with government regulations.<\/p>\n\n\n\n

The final paragraph of the editorial warns that, due to climate risk, the financial sector may collapse, and \u201ccapitalism as we know it ceases to be viable.\u201d That\u2019s not science\u2014it\u2019s propaganda. No credible economic historian or climatologist has made such a claim based on empirical evidence. This is the NYT<\/em> at its most hyperbolic: throwing rhetorical grenades instead of engaging with facts. In fact, throughout the period of recent climate change, global and regional GDPs have continued to increase, more people have become wealthy and fewer are mired in poverty now than ever before.<\/p>\n\n\n\n

The real risk to economic systems isn\u2019t climate change\u2014it\u2019s climate policy overreach. From carbon taxes that cripple industry, to forced electrification without grid readiness, the rush to \u201cfight\u201d climate change results in skyrocketing energy costs, manufacturing decline, inflation, and lost consumer freedom.<\/p>\n\n\n\n

It seems the NYT story is built on a fact-free \u201cHouse of Cards,\u201d emblematic of the mainstream media increasing tendency to write \u201cFake News,\u201d and ignore facts, especially when the issue is climate change.<\/p>\n\n\n\n

The New York Times<\/em> has long since abandoned journalistic neutrality on climate issues. Instead of holding alarming, unverified climate claims up to scrutiny, the NYT print\u2019s them as gospel truth. This piece isn\u2019t journalism\u2014it\u2019s advocacy. Any systemic climate risk to the economy comes from the misreporting of climate facts and government policies enacted in response to the false climate claims, not climate change itself.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

In the recent\u00a0New York Times\u00a0(NYT) editorial \u201cClimate Change Could Become a Global Economic Disaster,\u201d author David Gelles paints a picture of impending economic collapse, driven by climate-induced destruction of real estate markets, insurance availability, and global GDP. Gelles\u2019 claims are speculative, based on a faulty analysis of climate change and a flawed understanding of economics and history. <\/p>\n","protected":false},"author":121246920,"featured_media":375377,"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_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":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":[691818056,691818153,691834539,691823155,691818989],"class_list":["post-375372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-climate-change","tag-climate-models","tag-global-economic-disaster","tag-new-york-times-nyt","tag-sea-levels","fallback-thumbnail"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-1zEo","jetpack-related-posts":[{"id":425227,"url":"https:\/\/climatescience.press\/?p=425227","url_meta":{"origin":375372,"position":0},"title":"False, New York Times, Climate Change Doesn\u2019t Cause Both Extreme Heat and Extreme Cold","author":"uwe.roland.gross","date":"02\/08\/2026","format":false,"excerpt":"The recent New York Times (NYT) article \u201cClimate Change Is Fueling Extremes, Both Hot and Cold\u201d by David Gelles claims that global warming is simultaneously driving \u201ccolder colds\u201d and \u201chotter hots,\u201d presenting recent U.S. weather as confirmation of a long-warned scientific expectation. 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Doing so might reduce the chances of sea water incursion and subsidence, and minimize damage done by hurricanes undoubtedly instore for the state in the future. Ending fossil fuel use\u2026","rel":"","context":"In \"Climate change\"","block_context":{"text":"Climate change","link":"https:\/\/climatescience.press\/?tag=climate-change"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/08c0f88c50daf76614fa6d303631f262d.jpeg?fit=1200%2C825&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/08c0f88c50daf76614fa6d303631f262d.jpeg?fit=1200%2C825&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/08c0f88c50daf76614fa6d303631f262d.jpeg?fit=1200%2C825&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/08c0f88c50daf76614fa6d303631f262d.jpeg?fit=1200%2C825&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/09\/08c0f88c50daf76614fa6d303631f262d.jpeg?fit=1200%2C825&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/04\/0Effects_page_triptych.jpeg?fit=2963%2C1459&ssl=1","_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/375372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=375372"}],"version-history":[{"count":4,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/375372\/revisions"}],"predecessor-version":[{"id":375378,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/375372\/revisions\/375378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/375377"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=375372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=375372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=375372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}