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Title: The High Cost of Climate Denial: Trump’s Destruction of the Inflation Reduction Act Could Have Devastating Economic Consequences
As the world grapples with the existential threat posed by climate change, the United States is at a critical juncture. With President Donald Trump’s administration hell-bent on destroying the Inflation Reduction Act (IRA), a significant piece of legislation that aims to slow down global warming, the economic fallout could be catastrophic.
The IRA, which has been hailed as a landmark achievement by environmentalists and progressives, includes measures to strengthen regulations on pollution from power plants, as well as promote clean energy jobs. However, Trump’s administration is determined to undo these gains, citing concerns over “environmental extremism” and “job-killing regulations.”
But the reality is far more sinister. The president’s actions are driven by a reckless disregard for the planet and a myopic focus on short-term economic gains. His administration has consistently shown a willingness to undermine any progress made towards addressing climate change, from withdrawing from the Paris Agreement to weakening rules on mercury emissions.
The consequences of this denial could be devastating. Climate change is already having a profound impact on the global economy, with rising temperatures projected to cost the world $1 trillion annually by 2050. By destroying the IRA, Trump would be exacerbating these risks and putting American businesses and workers at an even greater disadvantage.
Moreover, Trump’s actions would have far-reaching implications for the energy sector. Coal has fallen from 50% of the electricity mix in 2008 to a mere 16% today, as renewables continue to grow. Utility companies are increasingly shifting away from coal-fired power plants, with no plans to build new ones. This trend is driven by market forces, not political pressure.
But Trump’s administration is hell-bent on reversing this momentum. By doing so, they would be putting American businesses and workers at a competitive disadvantage, as other nations continue to invest in sustainable energy solutions. The consequences of this short-sightedness could be severe economic losses and job losses that would disproportionately affect marginalized communities.
The good news is that corporations are not beholden to Trump’s whims. Many have already committed to net-zero emissions targets, recognizing the long-term benefits of sustainable practices. This shift towards environmental sustainability has also led to significant cost savings for companies like Cisco, Oracle, and IBM, which now prioritize both people and the planet alongside profits.
As Swim wisely notes, “There will be a midterm, and political gravity will catch up with his actions.” But until then, it is essential that we push legislators to recognize the economic benefits of climate action. By embracing sustainable practices, we can create jobs, stimulate innovation, and ensure a brighter future for all Americans.
In conclusion, Trump’s destruction of the IRA would be a catastrophic mistake, both for the environment and the economy. It’s time for businesses and policymakers alike to stand up against his reckless denial and instead choose a path that prioritizes people, the planet, and the long-term viability of our economy.
Source: https://www.forbes.com/sites/kensilverstein/2025/03/23/if-trump-destroys-inflation-reduction-act-economic-fallout-will-come/
