A Majority of Voters Believe Climate Change Will Increase Costs
By Suhan Kacholia
Extreme weather events, persistent droughts, and higher temperatures cost lives, degrade infrastructure, and reduce agricultural production. Because of these and other climate-related events, the Environmental Protection Agency has warned that food prices will spike. Prices for transport, housing, and basic goods and services will likely increase as well.
New Data for Progress polling finds that voters across party lines are concerned that climate change will raise consumer prices in the future. Nearly half (49 percent) of Democrats express that they are “very concerned” about increased prices, while majorities of Independents and Republicans state they are at least “somewhat concerned.”
Renewable energy production, like wind and solar, can reduce energy costs; according to the Center for American Progress, investments in clean electricity will save the average household $500 annually in reduced energy costs. A bipartisan majority of voters agree: Almost half of Democrats believe renewable energy will bring down energy costs “a lot,” and an additional 43 percent believe they will bring them down “a little.” Most Independents and Republicans believe costs will come down at least “a little.”
To reduce inflation, the Federal Reserve is considering raising interest rates. However, a majority of voters (57 percent) believe such a move would prove ineffective. This includes 63 percent of Republicans, 58 percent of Independents, and 48 percent of Democrats.
While inflation is high in the US, the job market remains strong, with unemployment low and job openings abundant. Raising interest rates could threaten this situation, potentially increasing unemployment. Most voters (69 percent) would not support further rate hikes. A large majority of Republicans (77 percent), Independents (68 percent), and Democrats (62 percent) believe the Federal Reserve should stop raising interest rates to avoid putting millions of Americans out of a job.
As prices rise — partially due to climate change — the country should seek solutions that both protect the environment and decrease costs. Investing in renewable energy is popular, and will reduce both direct energy costs and indirect costs from climate change. Voters believe interest rate hikes would not reduce inflation, but might cost millions of Americans their jobs.
Suhan Kacholia (@SuhanKacholia1) is an intern at Data for Progress.