The catastrophic flooding in the state of Vermont is only the latest evidence of a vastly changed climate. What is truly remarkable is that in this instance most of the affected areas are not even near a river or a coastline. So what is going on?
The floods in Vermont are likely a result of greater atmospheric retention of water, itself a consequence of higher temperatures. So now when it rains, it really does pour. Just a day earlier there was a similar event further South in the Hudson Valley in New York State. And I suppose that at least some of you last summer read about a massive “atmospheric river” awaiting California. I don’t think I need to continue reciting other recent flood events around the country to convince you that something is not right.
Yet when it comes to helping us understand increasingly frequent climate change events (did I mention the wildfires raging through Canada?), economics remains far behind the curve. Despite the increasingly obvious environmental consequences of a growth-at-all-costs economy, challenging GDP growth continues to be verboten in policy circles. Fortunately, more and more people have been wisening up to the need to shift our national priorities. Time does not favor us; when change does come, it will not be gradual.