Our political parties are often criticized for being too extreme, with calls for moderation. While moderation can be beneficial in certain situations, it is not sufficient to address the pressing issue of global warming.
Similar to the response to the Great Depression, when Franklin Delano Roosevelt implemented governmental activism to combat economic turmoil, we are currently facing an emergency. Although the urgency may not be as immediate as it was in 1929, with one-third of the nation experiencing poverty and deprivation, global warming is still a significant threat that requires action.
The consequences of global warming are already evident, with unprecedented weather events causing loss of life, destruction of communities, and economic hardships. Some argue that the measures being taken by New York to combat climate change are excessive and hasty, but I believe that we have not acted dramatically or quickly enough.
Consider the costs we are already incurring as a result of global warming. Not only are there health and environmental consequences, but citizens are also bearing financial burdens, including increased property insurance costs and the subsidization of the oil and gas industry.
In 2022 alone, structural damage from wildfires, floods, and other disasters amounted to $179.9 billion, according to the National Oceanic and Atmospheric Administration. Additionally, the average cost of property insurance is projected to rise by 9 percent this year. The impact is felt particularly in states like Florida, where major insurers have withdrawn coverage and rates have soared by 57 percent since 2015.
The effects of global warming extend beyond financial implications. They also affect our healthcare system, with wildfires contributing to poor air quality and changes in rainfall and groundwater expanding the range of disease-carrying insects. The estimated annual healthcare costs associated with fossil fuel use and climate-related issues in the United States exceed $1 trillion.
It is unacceptable that the oil and gas industry wields such influence over our government. Ending subsidies for this industry should be a priority, but it is not enough. In states heavily reliant on fossil fuel production, such as Alaska, Oklahoma, Pennsylvania, Louisiana, and Texas, state budgets depend on taxes paid by the oil and gas sector, which keeps income taxes lower compared to states like New York. This means that New Yorkers are effectively subsidizing the budgets of these fossil fuel-producing states every time they use gas or heating.
To make matters worse, the oil and gas industry in Louisiana and Texas is requesting billions of dollars from the federal government to build seawalls and protect their infrastructure from rising sea levels. It is a baffling situation where we are bailing out those responsible for their own predicament.
While the economy is already feeling the impacts of climate change, it can also play a crucial part in finding solutions. Implementing measures such as a stock transfer tax, similar to what New York had from 1905 to 1981, can generate revenue to subsidize the use of green products instead of relying on oil and gas.
Addressing global warming in a meaningful way requires a shift in attitudes at all levels of society. The economic establishment must acknowledge that a laissez-faire approach is no longer viable. Not only will our investments suffer if we fail to act, but the climate emergency poses a threat to life itself. Wealth alone will not provide long-term protection.
Our political landscape must also evolve. When Australia was ravaged by wildfires, they elected a Labor/Green coalition. We should consider moving in that direction too.
In conclusion, the urgency of the global warming crisis demands immediate and decisive action. Moderation alone will not suffice. We must prioritize saving the planet as it is the foundation upon which all other policy matters rest. It is time for a profound shift in our politics and economic practices, recognizing that our future and the health of our planet depend on it.
[Assemblyman Phil Steck of Colonie represents the 110th Assembly District.]
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