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Janet Yellen recently complained to the U.N. Climate Change Conference in Glasgow that the world’s “carbon-intensive economies” need to go away – and to do that will take the spending of about $100 trillion, maybe $150 trillion, she wasn’t quite sure.
She said, too, that the “private sector” needs to rise to the occasion and fund much of that “estimated price tag.”
“Rising to this challenge will require the wholesale transformation of our carbon-intensive economies. It’s a global transition for which we have an estimated price tag: some have put the global figure between $100 and $150 trillion over the next three decades. At the same time, addressing climate change is the greatest economic opportunity of our time.”
Her agenda point was ridiculed on Sean Hannity’s website, where a headline noted, “THAT’S ALL?”
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Most Americans likely could use a little point of reference to come to grips with the dollars she’s calling for.
Some estimates put the average annual salary for American workers at about $52,000. At that rate, it would take that worker some 1,348 years, if he or she could save every penny from every paycheck, to accumulate the money to purchase just one of what is reputed to be the most expensive car ever, a 1964 Ferrari Gran Turismo, which sold for $70 million.
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Then to get to Yellen’s low-ball estimate of $100 trillion, that worker would have to accumulate enough to buy that Ferrari 1,428,571 times. . @SecYellen : Rising to the climate challenge “will require a wholesale transformation of carbon intensive economies.” She urges private sector to step up to help pay for $100 – $150 trillion transition over the next 3 decades. https://t.co/GvofMfZiLe — Akiko Fujita (@AkikoFujita) November 3, 2021 Treasury Secretary Janet Yellen suggested that the world might need to devote $100-150 trillion to fight climate change. The number is more than the entire world’s annual GDP. https://t.co/qSvIPY7E5b — Daily Caller (@DailyCaller) November 4, 2021 The Daily Caller pointed out the figure was more than the “entire world’s annual GDP.”
A Yahoo news report […]
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