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You do not need to fire a shot to kill an animal and imperil its entire species’ existence—you only need to take away the place it lives. A Trump administration Endangered Species Act rollback would do just that.
There is a vision of this country that still exists to anyone who grew up near its wild places: manatees drifting beneath a dock, Florida leafwing butterflies fluttering through the wind, yellow-billed cuckoos migrating in the spring and fall. For generations of Americans, these were not rare sightings. They were proof that people and wildlife could share the same natural inheritance
That inheritance is now under direct threat, and the erosion is no longer incremental. It is accelerating at an unprecedented pace.
Earlier this month, the Trump administration formally rescinded the regulatory definition of "harm" under the Endangered Species Act (ESA)—a single word that has helped to protect this nation's imperiled wildlife for more than 50 years. For decades, "harm" was understood to include not just the direct killing or injuring of an endangered animal, but the destruction or degradation of the habitat that animal depends on to breed, feed, migrate, or shelter. That understanding was not a bureaucratic technicality. It was the legal recognition of a basic ecological truth: An animal cannot survive the loss of its home and its resources for daily living any more than a person can. Each of these species has a story that will end the same way without habitat protection: not a quick death by bullet but a slow death by a thousand cuts.
Remove that definition, and you remove the government's ability to regulate clear-cutting old growth forest filled with an endangered bird’s nesting sites, draining a wetland key for an endangered frog’s breeding, or dumping pollution into the lagoon where sea turtles and marine mammals graze. You do not need to fire a shot to kill an animal and imperil its entire species’ existence. You only need to take away the place it lives.
Habitat destruction is already the leading driver of species decline in the US, and this rollback removes one of the few legal tools available to slow it.
Congress enacted the ESA in 1973 with overwhelming bipartisan support, and Republican President Richard Nixon signed it, "to provide a means whereby the ecosystems upon which endangered species and threatened species depend may be conserved." In the more than five decades since, the ESA has prevented the extinction of an estimated 99% of the species placed under its protection—one of the most successful conservation records in the world.
Rescinding the definition of harm will eviscerate the ESA. And it does so under the pretense of streamlining obstacles to American economic growth, as if the nation's economy runs on oil, gas, logging, and mining alone. But our national economy—and our national welfare—are inextricably linked to healthy, thriving wildlife and habitats. Wildlife watching, for example, supports a $250.2 billion industry in the US. Commercial and recreational fisheries generate $319 billion in sales and sustain 2.1 million jobs. Hunting and fishing support $400 billion in annual economic value. And the ecosystem services nature provides for free—clean water, crop pollination, flood control, pest suppression—are valued at an estimated $5 trillion a year.
Habitat destruction is already the leading driver of species decline in the US, and this rollback removes one of the few legal tools available to slow it.
Consider the Florida manatee, listed as threatened under the ESA. Manatees lack blubber and cannot fully regulate their own body temperature; in winter, their survival depends on access to water near 72°F. Coastal development and polluted runoff have devastated the seagrass beds manatees depend on and degraded the natural springs that once kept them warm through the winter. More than half of Florida's manatees now survive only because they cluster near the artificial warm-water discharge of aging power plants. Without the harm definition, it will be exponentially harder to protect and restore their foraging and sheltering habitats they need to survive and recover.
The same pattern will repeat across the country. The North American wolverine depends on vanishing high-elevation snowpack at risk of being lost to development and expanding winter recreation. The whooping crane, one of the rarest birds in North America, needs undisturbed wetland corridors to complete its migration. In the Arctic National Wildlife Refuge, polar bears depend on undisturbed denning sites; seismic testing, vehicle traffic, and aircraft noise associated with oil exploration can cause mother bears to abandon their dens and cubs. For five decades, the ESA enabled economic activities in the habitats species need to survive and recover, with permitting guardrails to ensure adequate protections. Now that the administration has eliminated those guardrails, it’s open season for industry to sacrifice habitat—and the future of our imperiled wildlife species. Defenders of Wildlife, along with other conservation organizations, has already gone to federal court to challenge this unlawful action.
At the same time, we’re standing up to defend the ESA itself from anti-wildlife members of Congress who favor unfettered logging, mining, grazing, and drilling, no matter the cost to endangered animals—or to our irreplaceable natural heritage. One of the most effective actions concerned citizens can take right now is to call their representative and senators and oppose any effort to undermine this bedrock wildlife law.
We are closer than most people realize to losing the manatees in our canals, the whooping cranes in our wetlands, and the wolverines in our mountains. What remains to be seen is whether we act while there is still habitat left to save.
"The growth of the global economy has been at the cost of immense biodiversity loss, which now poses a critical and pervasive systemic risk to the economy, financial stability and human wellbeing."
A new report confirms that unchained economic growth driven by corporations seeking profits with too little concern for downside harm is having devastating impacts on biodiversity and natural systems across the planet while also undermining the health of the global economy in the long run.
The landmark new report published Monday by the Intergovernmental Platform on Biodiversity and Ecosystem Services (IPBES) was backed by over 150 nations after three years of research and analyses by 79 leading experts from 35 countries across all regions of the world.
What the research found is that "the current conditions in which businesses operate are not always compatible with achieving a just and sustainable future, and that these conditions also perpetuate systemic risks" with far-reaching implications.
"The growth of the global economy has been at the cost of immense biodiversity loss, which now poses a critical and pervasive systemic risk to the economy, financial stability and human wellbeing," warned the IPBES in a statement.
“We must place true value on the environment and go beyond gross domestic product as a measure of human progress and wellbeing. Let us not forget that when we destroy a forest, we are creating GDP. When we overfish, we are creating GDP.” —António Guterres, UN Secretary-General
With natural resources "being depleted and degraded faster now than any period in human history," the report is designed to warn humanity, equip policymakers with knowledge, and provide solutions that could mitigate the crisis of biodiversity loss.
The report notes that "unsustainable economic activity and a focus on growth as measured by the gross domestic product, has been a driver of the decline of biodiversity... and stands in the way of transformative change."
According to Alexander De Croo, an administrator with the United Nations Development Programme (UNDP), an IPBES partner organization, "Businesses are inseparable from the ecosystems they operate in: they both depend on them and profoundly impact them. As significant drivers of today’s planetary crises, businesses have contributed to climate change, biodiversity loss and cultural erosion."
At the same time, he added, these companies "have a critical role to play in advancing more sustainable solutions, a role already reflected in a growing number of initiatives." The real problem, the report finds, is how intractable the business-as-usual approach has been, with corporations resistant to changing their operations to put them more in line with nature and too little pressure coming from governments to force through more sustainable practices.
According to the report:
Current conditions perpetuate business-as-usual and do not support the transformative change necessary to halt and reverse biodiversity loss. For example, large subsidies that drive losses of biodiversity are directed to business activities with the support of lobbying by businesses and trade associations. In 2023, global public and private finance flows with directly negative impacts on nature, were estimated at $7.3 trillion, of which private finance accounted for $4.9 trillion, with public spending on environmentally harmful subsidies of about $2.4 trillion.
In contrast, $220 billion in public and private finance flows were directed in 2023 to activities contributing to the conservation and restoration of biodiversity, representing just 3% of the public funds and incentives that encourage harmful business behaviour or prevent behaviour beneficial to biodiversity.
“The loss of biodiversity is among the most serious threats to business,” said Prof. Stephen Polasky, co-chair of the assessment. “Yet the twisted reality is that it often seems more profitable to businesses to degrade biodiversity than to protect it. Business as usual may once have seemed profitable in the short term, but impacts across multiple businesses can have cumulative effects, aggregating to global impacts, which can cross ecological tipping points."
But Polasky goes on to say that the report "shows that business as usual is not inevitable," and that with better policies, "as well as financial and cultural shifts, what is good for nature is also what is best for profitability."
The IPBES assessment arrived alongside fresh warnings about the disastrous results that have stemmed from obsessive allegiance to gross domestic product (GDP) as the key economic indicator by governments and businesses worldwide.
In an interview with the Guardian on Monday, UN secretary general António Guterres suggested that the obsession with GDP was driving humanity toward a cliff.
“We must place true value on the environment and go beyond gross domestic product as a measure of human progress and wellbeing," Guterres said. "Let us not forget that when we destroy a forest, we are creating GDP. When we overfish, we are creating GDP."
The question is no longer whether the United States should move toward legalization, but why federal law still treats a mainstream industry as a crime.
This fall, the Drug Enforcement Administration is anticipated to decide whether to reclassify cannabis at the federal level. Nearly 90% of Americans support cannabis legalization, 47 states have legalized it for medical use, and over 20 allow for recreational use. The question is no longer whether the United States should move toward legalization, but why federal law still treats a mainstream industry as a crime.
In 2024, Americans spent just as much on cannabis as they did on beer. The US legal cannabis market is worth more than $35 billion and expanding quickly. Yet, under federal law, cannabis is still a Schedule I drug, grouped alongside heroin and considered to have “no medical use.” It’s a Nixon-era relic that has remained unchanged since 1971—by those outdated standards, cocaine and crystal meth are classified as less harmful Schedule II substances. That classification is not only outdated, but it also creates an untenable mismatch between federal policy and economic reality.
Today, cannabis is one of the fastest-growing industries in America, employing nearly 500,000 people—more than the beverage and tobacco manufacturing industries combined—and generating billions in annual tax revenue. Federal legalization would strengthen an already significant engine of economic growth. The cannabis industry added roughly $115 billion to the US economy in 2024 alone and is expected to reach $45 billion in legal sales by 2025. It is one of the few sectors that is both labor-intensive and domestically produced—every gram sold is grown, tested, packaged, and distributed in the US.
All of this growth has happened without access to the basic tools every other sector relies on: banking, capital markets, credit cards, and institutional investment. Because cannabis remains federally illegal, businesses can’t take out conventional bank loans, list on US stock exchanges, or process credit card payments. Dispensaries operate as cash-only businesses, creating daily security risks for employees and customers. Entrepreneurs cannot access Small Business Administration loans or standard insurance. Even employees, founders and executives in the cannabis industry often struggle to qualify for personal mortgage loans due to the industry they work in.
Rescheduling would not be radical. It would be a recognition of the obvious: Cannabis is already part of American life and the American economy.
The result is a thriving yet hobbled industry, competing on an uneven playing field. Legal operators are forced to navigate a different set of regulations, packaging requirements, and facilities for every state where they conduct business, while the illicit market still accounts for an estimated $50 billion in unregulated sales each year and has no problem selling cannabis to the American youth. The DEA’s forthcoming decision offers an opportunity to modernize this system before it calcifies further.
The cultural and economic shifts are here to stay. Cannabis is mainstream. It’s integral to how Americans relax, socialize, and take care of themselves. It’s in our music, our fashion, our film, and our homes. What’s missing is a legal, regulatory, and financial framework at the federal level that reflects reality.
The public health case is equally clear. Consistent national standards would strengthen consumer safety and transparency, closing the gap between legal and illicit markets. Rescheduling would also remove barriers to research and innovation. The current classification makes it nearly impossible for US scientists to study cannabis at scale, leaving critical medical discoveries to foreign and underfunded research programs.
In a country where millions of adults use cannabis for anxiety, pain, and sleep, and where opioid dependency remains a public health crisis, the restriction is not just outdated, but negligent.
A recent study published by the American Journal of Health Economics found that states with legal cannabis programs reduced opioid prescriptions by up to 22%. The American Medical Association also found that cannabis helps cancer patients reduce opioid use throughout their treatments.
Legalization would also improve public safety. With access to banking, dispensaries could move away from cash-heavy operations that make them frequent targets for robbery. National standards for labeling, potency, and contaminants would protect consumers and build trust. And as we’ve already seen in legal states, underage use declines when cannabis is regulated.
Rescheduling would not be radical. It would be a recognition of the obvious: Cannabis is already part of American life and the American economy. In 2023, the Department of Health and Human Services formally recommended to the DEA that cannabis be rescheduled—a historic acknowledgment that federal law is out of step with science, public opinion, and economic reality. Even the Supreme Court has noted the “contradictory and unstable” relationship between federal and state cannabis laws.
This is one of the few policy issues with broad bipartisan support. Former President Joe Biden campaigned on rescheduling cannabis in 2020. So did President Donald Trump in 2024. With the DEA’s decision imminent, the window for meaningful modernization has never been clearer.
The cultural reality is undeniable. The economic opportunity is massive. The public mandate is clear. The question is no longer whether cannabis belongs in American life—it already does. The question is when federal law will finally catch up.
It’s time for Washington to finish what the majority of states have already started: Bring cannabis policy into alignment with science, economics, and public consensus.
Extending or increasing a deduction for pass-through businesses is likely to exacerbate economic inequality, while delivering no economic benefits in the long run.
House Republicans’ tax plan would expand a tax break in the 2017 tax reform for “pass-through” businesses that has overwhelmingly benefited high earners. “Pass-throughs” are entities structured so that profits are not taxed at the business level but instead at the owners’ individual income tax rate.
The 2017 Tax Cuts and Jobs Act introduced a 20% deduction for Qualified Business Income (QBI) for pass-through businesses. House Republicans want to extend this tax break and increase it to 23%.
Contrary to proponents’ claims that the QBI deduction stimulates economic growth, economic research suggests a more nuanced and challenging reality. Recent analysis from our team at American University’s Institute for Macroeconomic and Policy Analysis (IMPA) reveals that extending or increasing the QBI is likely to exacerbate economic inequality, while delivering no economic benefits in the long run.
Extending the QBI deduction would systematically redistribute economic resources in ways that amplify existing inequalities.
Importantly, extending the QBI deduction would reduce government revenue significantly—by approximately 1.9% annually in the long run. Permanently increasing it would reduce revenue by 2.2% annually. These revenue losses represent a substantial fiscal challenge that cannot be overlooked.
Traditional C corporations must pay the federal corporate income tax. Shareholders then pay individual income taxes on any profits distributed as dividends. In contrast, sole proprietorships, S corporations, and partnerships, as well as certain other types of businesses, are called “pass-throughs” because the businesses themselves do not pay taxes; instead, profits are passed through to individual owners, who then are taxed at their own individual tax rate. The QBI deduction reduces the amount of income from pass-throughs that is taxed.
According to Internal Revenue Service data, the number of nonfarm businesses organized as pass-throughs grew by 15% between 1980 and 2015, at which time more than 95% of all businesses were pass-throughs. But pass-through income is highly concentrated among top earners. Congressional Budget Office data show that, while income from pass-through businesses represents more than 20% of total household income for the top 1%, it accounts for merely 3% of income for the bottom 80% of households.
Think high-powered law firm partners or private equity fund executives. Without this tax break, they might owe the top marginal income tax rate of 37%. Under the current Republican proposal, they would owe just a 28.49% pass-through rate.
Economic theory suggests that such tax deductions on business income have very little direct effects on real business activity if investment costs can be deducted from taxable income. And that is the case for pass-throughs. Because they can use accelerated depreciation provisions, taxes on their business income don’t change their investment decisions.
It’s not just theory: A recent study using tax record data finds no clear impact on investment, wages, or employment among pass-throughs that got an earlier tax break. A separate study found no impact on wages.
Even if tax breaks for businesses have no effect on individual business decisions, they can have negative effects on the economy as a whole. For example, such tax breaks reduce government revenue. If the revenue shortfall is financed by government borrowing, it can crowd out private investment. If the revenue shortfall is matched by reduced spending on public investment, such as scientific research, it is likely to reduce our standard of living in the long run. Such tax breaks also increase the after-tax required return to investors, which could cause businesses to distribute more profit, leaving less for investment.
We find that extending the QBI deduction would decrease government revenue by about 1.6% annually after 10 years and 1.9% in the long run.
Finally, such tax breaks increase after-tax profits and the market value of businesses, which raises the wealth of already-wealthy owners.
Our estimates using the IMPA macroeconomic policy model confirm that making the QBI deduction permanent would not boost economic activity, as is commonly claimed. Instead, we find that there would be a small decrease in GDP of 0.07% in the long run. Increasing the deduction to 23% would magnify the negative impact on economic activity.
Extending the QBI deduction would systematically redistribute economic resources in ways that amplify existing inequalities. Extending the QBI deduction would increase the share of the wealth owned by the top 1% by approximately 1.1%, while the bottom 50% would see their share fall by approximately 2.4%. Increasing the deduction, of course, redistributes even more wealth from the lower half of the distribution to the top.
Finally, we find that extending the QBI deduction would decrease government revenue by about 1.6% annually after 10 years and 1.9% in the long run. Increasing it permanently to 23% would reduce revenue 2.2% in the long run. How much is that? In the 2023 budget, 2% was enough to cover about three-quarters of the annual cost of the Supplemental Nutrition Assistance Program (SNAP). Or it would support 12 years of cancer research at 2023 levels.
To sum it up: QBI deduction costs taxpayers a lot, does not stimulate growth, and has regressive distributional consequences. There is no economic justification for its continuation.
His partial budget fails to propose a serious agenda for the U.S. economy or for people who haven’t been included enough in the country’s overall prosperity.
The Trump administration’s partial budget plan released Friday is just its latest repudiation of the Trump campaign’s promises to help people struggling at the margins of the economy—an economy that President Donald Trump’s misguided tariff policies are threatening to tank.
This partial budget does not discuss the president’s intended tax breaks—tilted to the well off—or policies he will include (like those he supports as part of the reconciliation bill) to take food assistance and health coverage away from people who need them to meet their basic needs and to make college more expensive. The full budget will come later. But while the administration’s partial plan is limited to the part of the budget that Congress funds through the annual appropriations process, its proposal to cut that funding by nearly one-quarter is plenty bad enough, harming people, communities, and the economy.
During the campaign, President Trump said, “As soon as I get to office, we will make housing much more affordable.” But his budget proposes a devastating cut to rental assistance—which makes rent affordable for 10 million people—reducing funding by $27 billion below the amount provided in 2025 across five programs. This would cause millions of people to lose assistance they need to pay the rent each month, placing them at risk of eviction and homelessness.
Policymakers of both parties in Congress need to see this budget, and this entire agenda, for what it is—a direct assault on people, communities, and the economy.
These cuts would likely grow even deeper over time, since the budget would also consolidate multiple rental assistance programs into to a block grant that would be more vulnerable to cuts in the future. The budget also would impose a two-year time limit on rental assistance (apparently except for seniors and people with disabilities), a policy that would abruptly evict or end assistance for many low-paid workers and others who aren’t able to afford market rents after that period.
In addition, the budget proposes severe cuts to other housing programs, such as sharply reducing funding for housing and other services for people experiencing homelessness, cutting housing resources for Indigenous people, and eliminating funding for local agencies protecting people from housing discrimination and other fair housing violations, and block grants that fund affordable housing and community development at the local level.
The president also said “your heating and air conditioning, electricity, gasoline—all can be cut down in half,” but this budget eliminates LIHEAP, the program that helps low-income households afford to heat and cool their homes; reduces availability of the most affordable sources of energy—solar and wind—by cutting efforts to bring these sources online and make them available in low-income communities; and cuts programs that reduce energy waste.
As the President’s ill-conceived trade policies threaten to tip the country into a recession later this year, the budget disinvests from key sources of long-run economic growth. The budget cuts the National Science Foundation (NSF) by more than half and the National Institutes of Health (NIH) by about 40%. This is short-sighted: NSF and NIH funding supports foundational research that spurs innovation, leading to greater economic growth. The private sector will not support this work because there is no financial incentive to do so.
The budget also disinvests from America’s future workers, cutting $4.5 billion from K-12 education despite the Trump campaign’s statement that “we are going to keep spending our money” on education.
Most fundamentally, the budget fails to propose a serious agenda for the U.S. economy or for people who haven’t been included enough in the country’s overall prosperity. The budget presents no agenda for addressing housing or childcare affordability, improving educational outcomes for those our education system doesn’t serve well, maintaining and strengthening innovation, or broadening opportunity.
And today’s funding request again breaks President Trump’s repeated promises to protect Social Security, including “Save Social Security. Don’t destroy it.” On paper, the administration provides the same amount of funding next year as this year, but this is not enough to keep up with inflation, fixed expenses, and growing demand as the number of Social Security recipients grows as the population ages. The administration has already pushed out 7,000 Social Security Administration staff despite having the money to pay them, and it has already made it harder for seniors and people with disabilities to get the Social Security benefits they’ve earned. This is not what Congress intended when it passed this year’s budget.
The administration is claiming these massive cuts are necessary under the guise of fiscal responsibility, but the proposed $2.5 billion cut to Internal Revenue Service (IRS) funding—primarily for tax enforcement—reveals that any commitment to fiscal responsibility is limited. Funding for IRS enforcement pays for itself multiple times over: It provides the staff and technology to catch wealthy tax cheats and encourage everyone to pay the taxes they legally owe.
The administration justifies many cuts by saying that states are better positioned to cover the costs of various public services and infrastructure needs. This ignores the federal government’s important role in ensuring adequate investment nationwide, including in states and communities that face more economic challenges. The problems would be compounded by potentially large cost shifts in Medicaid and SNAP being considered in Congress. States would face even greater challenges—and the impacts on people and communities would grow—in a recession when state revenues fall but they still have to balance their budgets.
The president’s budget counts on funding in the emerging tax and budget bill for immigration enforcement. With that, it continues to prioritize a mass deportation apparatus that has gone too far already by disappearing people without due process and ending lawful immigration status for hundreds of thousands of people.
Since taking office, the Trump administration, often acting through DOGE, has unilaterally frozen congressionally approved funding, implemented large-scale staffing reductions that are harming public services, and threatened the security of people’s personal information. Having frozen funding in contradiction to enacted funding laws, the president’s budget now asks Congress to codify and continue these unilateral cuts next year, including through the proposed cuts to NIH, NSF, and the Department of Education. Codifying these cuts would make congressional supporters accomplices in this administration’s endeavor to make government less effective in finding cures for diseases, maintaining American technological leadership, and getting a good education.
The president’s harmful agenda goes well beyond what was released today. The president and his congressional allies are moving forward on a budget and tax bill that deeply cuts health coverage through Medicaid, food assistance through SNAP, and college aid to partially pay for expensive tax cuts skewed to the wealthy.
At the same time, the president’s chaotic, indiscriminate, and steep tariffs have sharply increased the risk of recession, which could lead to a rise in unemployment and the number of people who need help to afford the basics, just as those supports are slated for cuts.
Policymakers of both parties in Congress need to see this budget, and this entire agenda, for what it is—a direct assault on people, communities, and the economy—and plan a better course for the country.
Sanders used the findings of a recent working paper to denounce Republicans' determination to pass tax cuts that will benefit wealthy Americans the most.
U.S. Sen. Bernie Sanders on Tuesday used a new working paper about income distribution over the past several decades to push back against congressional Republicans and President Donald Trump's effort to pass more tax giveaways for the rich.
The recent working paper from the nonpartisan research organization RAND, which was authored by Carter Price, aimed to quantify how much money the majority of workers—the bottom 90% by income—would have made if earnings growth had not begun to disproportionately flow to those with the highest incomes starting in the 1970s.
According to Price, assuming the same distribution of income among workers as in 1975—and taking into account continued economic growth, continued growth in inequality, and inflation—the majority of workers would have made an additional $3.9 trillion dollars in 2023. Cumulatively, "the gap between what workers from 1975 to 2023 earned and what they would have earned with the counterfactual income distribution" tallies at $79 trillion in 2023 dollars, per Price.
"The massive income and wealth inequality in America today is not only morally unjust, it is profoundly damaging to our democracy," wrote Sanders (I-Vt.) on Tuesday in response to the study.
The analysis updates earlier numbers on the same topic. A previous analysis from Price and a co-author found the gap between what the majority of workers earn and what they could have earned if the more "uniform growth rates from the 50s and '60s" had continued totaled $47 trillion in 2018 dollars.
Sanders used the update from RAND to discuss the current aims of Trump and Republicans in Congress.
"Over and over again, my Republican colleagues have expressed their deep concern about the redistribution of wealth in America, and they are right," Sanders continued. "The problem is that it has gone in precisely the wrong direction."
Sanders opposes Republicans' intent to provide tax cuts primarily for the wealthy, which will almost certainly be paid for by cuts to Medicaid, nutrition assistance, and more. "We must do the exact opposite," he wrote.
Last week, House Republicans were able to pass a budget resolution that tees up those tax cuts after Trump intervened to pressure wavering members to vote for it.
The resolution instructs the House Energy and Commerce Committee to "submit changes in laws within its jurisdiction to reduce the deficit by not less than" $880 billion over the next decade. That panel has jurisdiction over Medicaid, which the GOP has repeatedly targeted in public and private discussions, with one leaked document floating over $2 trillion in cuts to the program.
Republicans also rejected numerous Democratic amendments that would have prevented Medicaid and Supplemental Nutrition Assistance Program cuts in the upcoming budget reconciliation process as their resolution moved through committees.
Sanders has been a consistent voice speaking out against the cuts. "Trump and his Republican friends want to enact massive cuts to the [Medicaid] program. We won't let them," wrote Sanders last week.
The game of growth has convinced us that the only way we can win is to continue to play.
In Richard Connell’s popular short story “The Most Dangerous Game,” hunter Sanger Rainsford goes overboard while sailing to the Amazon, washing up on an island owned by deceivingly charismatic General Zaroff. Rainsford expects Zaroff to help him off the island, but instead, Zaroff invites him to participate in a hunt.
A hunt, to Rainsford’s utter disbelief, in which he is the prey.
Our reckless pursuit of economic growth has become society’s “most dangerous game.” It keeps us trapped on an island of inequality, environmental degradation, and corporate power, all while convincing us there’s still a chance we can win if we continue to play.
To win this game, we can’t keep playing by the rules, but rewrite them entirely. We can start by challenging one of the most dominant rules of the growth model: Gross Domestic Product (GDP).
But there is no “winning” in a game dependent on the exploitation of people and nature. As long as “growth” is defined by profits and production, people and the planet will always lose.
That is, unless you are one of the few Zaroffs of the world: According to an Oxfam report, the world’s top 1% own more wealth than 95% of humanity, and over the past 30 years, income inequality has steadily risen to the point where many economists believe wealth is more stratified today than any time since the Gilded Age.
If economic growth doesn’t deliver its promised benefits, then why do we continue to play? Because those who preach economic growth as a path to prosperity—usually the same people who bag the most benefit—have engineered a game of forced “choice:” Hunt, or be hunted. As Zaroff explains to Rainsford, “I give him his option, of course.” But if they decline, he hands them over to his servant for torture. “Invariably,” Zaroff muses, “they choose the hunt.”
The same logic is used to silo economic and environmental objectives, perpetuating the false premise that reducing poverty and raising living standards must come at the cost of climate action. Such “choice” is equally manufactured—if economic growth is truly a means of improving societal well-being, shouldn’t actions that secure and sustain access to basic necessities be a vital part of our economy?
Even Americans seem to agree that economic growth is an incomplete measure of prosperity. In a nationally-representative survey of 3,000 participants, conducted by survey organization Verasight between October 21 and November 5, only 12.8% (with a 2.3% margin of error) responded that economic growth is a “mostly accurate” way of assessing societal well-being. The rest were skeptical, with 50.8% calling it “somewhat accurate” and 36.5% deeming it inaccurate altogether.
And yet, despite the dissatisfaction, dissonance, and destruction that our economic model begets, pundits and policymakers “invariably” brandish growth as the hallmark of prosperity. Meanwhile, the Zaroffs of the world continue to indulge their unchecked appetite for profit, capitalizing off the preservation of the status quo.
To win this game, we can’t keep playing by the rules, but rewrite them entirely. We can start by challenging one of the most dominant rules of the growth model: Gross Domestic Product (GDP).
GDP is a measure of aggregate production, not a reflection of progress and well-being. It excludes the costs of pollution and exploitation and ignores 16.4 billion hours of unpaid labor, much of which is performed by women. It also omits many non-materialistic goods (health, family, and equality) that define happiness and quality of life. In fact, economists have always warned against conflating GDP with societal well-being—even one of its founders, Simon Kuznets, told Congress that GDP was a poor tool for policymaking.
As Robert Kennedy put it in his 1968 election speech, GDP “measures everything in short, except that which makes life worthwhile.” By adopting more inclusive measures of progress that consider health, equality, and environmental well-being, we can move beyond the flawed metric of GDP as a measure of prosperity. In doing so, we build economies that prioritize people and the planet instead of outrageous profits.
Such measures are already gaining traction in the U.S. and across the globe. For example, India’s Ease of Living Index assesses the well-being of 114 Indian cities, using a total of 50 indicators that fall under three pillars: Quality of Life, economic ability, and sustainability. At the international scale, the United Nations is working to advance a “Human Rights Economy” that anchors all economic decisions in human rights. In the U.S., Vermont became the first state to adopt an alternative to GDP called the “Genuine Progress Indicator” in 2012, shortly followed by Maryland and 19 other states.
These measures aren’t perfect, nor should they be the only way we address a system that continues to inflict irreparable damage on global ecosystems and communities. However, they play a crucial role in disrupting our current growth paradigm, establishing an economic model where well-being isn’t exclusive to the wealthy, and where societal and environmental objectives are aligned.
It’s time we expose the injustices of our economic system, rewrite the rules, and beat the Zaroffs of the world at their own game.
Much of the working class, feeling neglected and sidelined by the Democratic Party for decades, are increasingly prepared to allow Trump to twist and turn their grievances into shapes that fit a fascist agenda.
We now live during the time of the fasci-clown. In post-election analyses, all the discussions of the appeal of his racism and patriarchy capture important things. But they may not speak starkly enough to why these sentiments run so deep and cut so broad a swath, though for different reasons, through both the white donor class and so much of the working class. Neither do they explain how and why growing segments of the populace laugh so much at Trump's fascist humor. Dressing up and clowning as a "garbage man" illustrates only one recent instance of that conjunction.
The donor class knows, and much of the working class senses, that neoliberal capitalism cannot survive in its old form for much longer. Knowing that, the donor class intends to capture as much wealth and power as it can in the time left to it, prepared to support a transition from neoliberalism to fascism if that is what it takes. Elon Musk is a perfect exemplar here, turning Twitter into a propaganda machine, becoming the fasci-clown’s Goebbels, and informally assuming the role of his economic lieutenant, preparing to impose punishing austerity in the name of a restoration of a pre-New Deal government. So much of the working class, feeling neglected and sidelined by the Democratic Party for decades, are increasingly prepared to allow Trump to twist and turn their grievances into shapes that fit a fascist agenda.
Why? Filtering into the sense of extreme entitlement of the superrich and desperation of growing segments of the working class-- sliding into those intensities in ways electoral polls do not directly capture--is a sense that the old alternatives are not working and cannot be sustained into the indefinite future. Workers, for instance, probably do not truly believe that climate wreckage is a liberal farce. Many sense that it is real, but that attempts to really reckon with it would leave them in the lurch. So they laugh at the clown's outrageous jokes, hateful comments about women, race, transgender people and immigration, and allow the fasci-clown to twist their grievances into support for his themes.
In Mein Kampf, Hitler, the fascist, malignant narcissist, and vicious humorist, summarized in two sentences the essence of his campaign to become Fuhrer:
"It belongs to the genius of a great leader to make even adversaries far removed from one another to belong to a single category, because in weak and uncertain characters the knowledge of having different enemies can only too readily lead to the beginning of doubt in their own right." And: "If he suspects they do not seem convinced by the soundness of his argument, repeat it over and over with constantly new examples."
The irony, just lurking below the rhetorical surface, is that neoliberal capitalism, in both the past and today, fosters the climate wreckage that helps to drive refugees north; and it will increasingly do so in the future.
For Hitler, writing after the massive German defeat in WWI, high inflation, and the return of hardened soldiers from battle with no jobs, Jews became the "red thread" to which he tied, through constant repetition, military defeat, social democracy, and communism. He thus condensed multiple adversaries into one enemy. For Trump, living during a time when imperial instabilities and climate wreckage create more and more refugees heading from southern to northern states, immigrants of color become the new red thread. The stagnation of the working class, the problems facing large cities, the "uppity-ness" of women of color, the snarky-ness of the liberal snowflake, and the loss of "black jobs," are all tied to the red thread of immigration. As you intensify opposition to immigration by, first, treating immigration as something insidious as such, and, second, linking it to everything else you oppose, you thereby loosen the rhetorical reins previously restraining public attacks on women, Blacks, Democrats, cities, and secularists. They are all now placed on the same line of associations, with resentments to any one magnified by those felt against others. A brilliant, cruel campaign.
The irony, just lurking below the rhetorical surface, is that neoliberal capitalism, in both the past and today, fosters the climate wreckage that helps to drive refugees north; and it will increasingly do so in the future. That is the truth that Trump and his followers must resist and shout down whenever it rears its ugly head. That is one reason racism must be intensified by the fasci-clown. This core truth must never be acknowledged: America works to produce the immigration it increasingly abhors.
But what about us? That is, what of those of us on the democratic left who have resisted Trump, supported Harris, and oppose the regime the fasci-comic seeks to impose? We participate, in at least one way, in the very condition we resist. As neoliberal capitalism morphs toward fascist capitalism during the second Trump term, we too have failed to come up with an alternative that could both work and attract droves from the working and middle classes to it.
This core truth must never be acknowledged: America works to produce the immigration it increasingly abhors.
As productive capitalism forges a future it cannot sustain in the face of growing climate wreckage, as many flirt with fascist capitalism to avoid facing this truth, nobody really believes in the alternative models of rapid growth and mastery over nature supported by classical social democracy and communism either. The danger of fascist capitalism, indeed, is tied to the failure of other familiar critical traditions to respond in a credible and sufficient way to the time of climate wreckage. This failure insinuates itself inside climate denialism and casualism today.
Such a failure encourages many to deny climate wreckage, that is, to embrace fascist tendencies. It may also encourage others to pretend that it can be resolved within either old forms of productive capitalism or one of the twentieth century alternatives to it. So, we critics, too are caught in a bind. We insist that immigration is good economically, by which we mean that it will lead to greater economic growth, when the truth is that the pursuit of that growth is at the heart of our current crisis. Is our failure connected in some subliminal sense to the growing attractions of many others to Big Lies today, to lies that growing numbers embrace without necessarily believing?
Our sense—though we cannot prove it—is that growing attractions to, and tolerances for, fascist capitalism within the working classes is tied to a larger intellectual failure to show how to evolve a political economy that curtails the future scope of climate wreckage while speaking to real grievances and anxieties of the working class writ large. Unless and until that happens it will not be that hard for fasci-clown leaders to attract the billionaire class and capture large segments of the working class. Fascist humor flourishes when no other responses to deep grievances appear credible.
We should seek to drive changes so deeply that our country eventually emerges with a new system of political economy, one that routinely delivers good results for people, place, and planet.
Progressives and many others agree on one thing: Across a broad front of national life, the American economy and our politics are not delivering good results. The documented truth is that the conditions of life and living in our country are deplorable for most people, with almost all measures of public well-being behind other upper income countries.
That has been the case for decades, actually, and is one of the things that accounts for the widespread political disaffection in American today. When combined with extraordinary wealth concentrated in the hands of a tiny minority, the unsurprising result is public anger and resentment.
A host of reforms are advocated to improve key aspects of national life—in education, healthcare, child welfare, finance and banking, environmental and climate protection, taxes, social justice, advancement of women, and more. Getting such reforms adopted would make a huge difference. But more and more people are sensing that something deeper must be done, that what we should think of as our political economy—the combination of our economy and the politics that support it—is badly flawed and incapable of meeting today’s big challenges.
What we should be moving toward is the law of the next system, beyond today’s capitalism and yesterday’s socialism.
This realization has led to the now-frequent call for transformative change. There is a hunger for deep change but uncertainty about what that means. I want to spell out here what I think transformative change could and should look like. Overall, we should seek to drive transformative changes so deeply that our country eventually emerges with a new system of political economy, one that routinely delivers good results for people, place, and planet.
I know that this idea of a new political economy is too big to swallow whole. It can best be approached, I think, through a series of interacting, mutually reinforcing transitions—transformations that attack and undermine the key motivational structures of the current system, while replacing these old structures with new arrangements needed for a flourishing of human and natural communities.
I believe the following transitions hold the key to moving to this new political economy. We can think of each as a progression from today to tomorrow. In each of these areas, there are currently laws and policies that shape today’s realities. Collectively, we can think of these laws as the law of today’s corporatist, consumerist capitalism. What we should be moving toward is the law of the next system, beyond today’s capitalism and yesterday’s socialism.
Economic Growth: From growth fetish to post-growth society, from mere GDP growth to growth in social and environmental well-being and growth focused squarely on democratically determined priorities.
Indicators: From GDP (“grossly distorted picture”) to accurate measures of social and environmental health and quality of life.
The Corporation: From one dominant ownership and profit-driven model to new business models embracing economic democracy and goals other than profit, from shareholder primacy to stakeholder primacy.
The Market: From neoliberal market worship to powerful market governance in the public interest, from dishonest prices that neglect external costs to honest ones, from unfair wages that neglect productivity to fair ones, from commodification to reclaiming the commons.
Money and Finance: From money created through bank debt to money created by government, from investments seeking high financial returns to those seeking high social and environmental returns, from Wall Street to Main Street.
Social Conditions: From economic insecurity to a guaranteed income; from vast inequalities to equitable distribution and fundamental fairness; from racial, religious, gender, and other invidious discrimination to firm protection of rights and personal security.
Consumerism: From consumerism and affluenza to sufficiency and mindful consumption, from more to enough, from materialism to finding meaning and value in non-material things.
Communities: from runaway enterprises and throwaway communities to vital local economies, from social rootlessness to rootedness and community solidarity.
Dominant Cultural Values: From having to being, from getting to giving, from richer to better, from isolated to connected, from me to us, from apart from nature to part of nature, from near-term to long-term.
Politics: From weak democracy to strong, from creeping corporatocracy and plutocracy to true popular sovereignty and empowerment of marginalized groups, from threatened civic and personal rights to secure ones.
Foreign Policy and the Military: From American exceptionalism to America as a normal nation, from hard power to soft, from military prowess to real national and international security.
The good news is that we already know a great deal about the policy and other changes needed to move strongly in each of these directions, even value change. There are books full proposals and, importantly, advocacy groups working for many of them.
Also, we are seeing the proliferation of innovative models along the lines sketched here, particularly at the local level: sustainable communities, transition towns, solidarity and local living economies, sustainable and regenerative agriculture, participatory budgeting, locally owned and managed energy utilities, local currencies, and community development and investment institutions. Campaigns proliferate: Black Lives Matter! Move Your Money! Take Back Your Time! Own Your Own Utility! Live Lightly That Others May Live!
We are also seeing the spread of innovative business models that prioritize community and environment over profit and growth—including social enterprises, for-benefit business, worker-owned and other cooperatives, and local credit unions—as well as numerous campaigns for fair wages, worker rights, pro-family policies, climate action, and minority justice. Together with new community-oriented and Earth-friendly lifestyles, these initiatives provide inspirational models of how things might work in a new political economy devoted to sustaining human and natural communities. Practical utopians at work and play, bringing the future into the present!
Out there, between despair and hopium, are the grounds for struggle.
If Amazon and Apple and Microsoft wanted to avoid a world where, by century’s end, people had 60% less money to spend on buying whatever they plan on selling, then they should be putting pressure on their banks to stop making the problem worse.
A new study released today in Nature examines data from 1,600 regions of the earth for the last 40 years, and concludes that by 2050 climate change will be causing economic damage worth $38 trillion every single year. That seems like… a lot. The entire world economy at the moment is about $100 trillion a year; the federal budget is about $6 trillion a year. $38 trillion is 150 Bezoses (which is sick in its own way).
If those numbers seem impossible to comprehend, then let Bloomberg break it down for you, “planetary warming will result in an income reduction of 19% globally by mid-century, compared to a global economy without climate change.”
This is the largest study of this kind I know of; it comes from the Potsdam Institute in Germany, and as James Murray, writing in BusinessGreen points out, it’s more “granular and empirical” than past efforts. It concludes that these losses are already locked in, thanks to the carbon and methane we’ve already poured into the air.
“Strong income reductions are projected for the majority of regions, including North America and Europe, with South Asia and Africa being most strongly affected,” said PIK scientist and co-author of the study, Maximilian Kotz.
“These are caused by the impact of climate change on various aspects that are relevant for economic growth such as agricultural yields, labour productivity or infrastructure… We find that economies across the world are committed to an average income loss of 19% by 2049 due to past emissions. This corresponds to a 17% reduction in global GDP.”
If anything, as Murray points out, the numbers are quite likely conservative:
The projected damages are mainly the result of rising average temperatures and changes in rainfall and temperature variability. But other weather extremes that are harder to model, such as storms or wildfires, could result in higher economic costs. The study also assumes that over time economies start to adapt to more intense climate impacts, serving to curb the resulting negative economic impacts. As climate scientists have repeatedly warned, there are plausible scenarios where some regions find it near impossible to adapt and development is thrown into reverse. Such outcomes would trigger huge geopolitical risks that could impact the entire global economy.
What might cause even deeper problems? Just for fun, read another European study from last week, on the rapid slowdown in the Atlantic Ocean circulation and the possible looming shutdown of the entire system.
Oh, and if we don’t take strong action now to limit the rise in temperature, then the economic losses just keep growing—that 19% at mid-century becomes 60% by 2100, when people currently being born will still be alive, and cursing us.
There are a couple of things to say here.
One, some of you may remember the famous Limits to Growth report from the early 1970s. It predicted that without serious efforts to change our demands on the planet, economic growth would begin to suffer right about now. We thought about it as a society and then, with the election of Ronald Reagan, rejected it; we are now harvesting that bitter fruit. If we don’t act now then our children may wish they still had bitter fruit to harvest.
These people are supposed to care about money, and for once it would help us if they actually did.
Two, capitalism—which regularly acts homicidally—is acting truly suicidally. Having been warned for years now, it resists every effort to rein in its excesses. As Exxon’s CEO helpfully explained earlier this year, it’s not that you couldn’t make good money from renewable energy—you just couldn’t make “above average returns” because sunshine is free. So instead we’ll tank the world, and with it the world economy (which is a subset of the first, not the other way round).
In Europe, for instance, climate protest has finally persuaded regulators to start slowing loans to the fossil fuel industry—but new data this week makes it clear that the slack is being taken up by American banks, and not just the mighty money center banks that are already most deeply implicated in this immoral trade. Now regional banks are taking it up too:
Some of the U.S. regional banks stepping up oil, gas, and coal lending are based in states that have either passed or are reviewing anti-ESG laws. In Oklahoma, which enforced its Energy Discrimination Elimination Act in late 2022, local bank BOK Financial recently soared up the league table to become one of the world’s 30 busiest dealmakers in fossil fuels.
Marisol Salazar, senior vice president and manager for energy banking at BOK Financial, says the bank is now seeing “much more opportunities” in the fossil-fuel industry.
“We’re not just picking up customers,” she said. “We’re also picking up talent, we’re picking up engineers, we’re picking up investment bankers, we’re picking up experienced relationship managers.”
All of this makes even more important the release of the Carbon Bankroll 2.0 report earlier this spring. You’ll recall the first version of this report a year ago, which made it clear that for many companies—Apple, Amazon, Microsoft, and on and on—the bulk of their carbon emissions came from the cash they kept in the bank, where it got lent out to build more fossil fuel infrastructure. That’s because, as the new report makes clear,
If the largest banks and asset managers in the U.S. were a country, they would be the third-largest emitting country in the world, behind China and the U.S.
So let’s think about this for a moment. If Amazon and Apple and Microsoft wanted to avoid a world where, by century’s end, people had 60% less money to spend on buying whatever phones and software and weird junk (doubtless weirder by then) they plan on selling, then they should be putting pressure on their banks to stop making the problem worse. They should also be unleashing their lobbying teams to demand climate action from Congress.
These people are supposed to care about money, and for once it would help us if they actually did. Stop putting out ads about how green your products are—start making this system you dominate actually work.
This is not a radical proposition. A radical—and probably wise, if unlikely—proposition would be get past capitalism. But for the moment this is where we are, and the people who dominate it have an obligation to make it work, if only out of their own sad self-interest.
Here’s how the unradical Todd Stern—longtime American climate negotiator at international talks—put it in a quite powerful speech he gave last week in the U.K.:
“We are slowed down by those who think of themselves as grownups and believe decarbonisation at the speed the climate community calls for is unrealistic.”
“They say that we need to slow down, that what is being proposed [in cuts to greenhouse gas emissions] is unrealistic,” he told The Observer. “You see it a lot in the business world too. It’s really hard [to push for more urgency] because those ‘grownups’ have a lot of influence.”
Stern says that the ‘grownups’ will only listen when the rest of us push:
The original Earth Day in 1970 happened in a societal moment that isn’t easily replicated, but it does teach that there is still more to do in filling the streets and campuses with young people and people young at heart who see the danger of climate change for what it is.
What that original Earth Day represented was not just norm change but a sociopolitical tipping point in environmental concern—the kind of positive tipping point we need to reach on climate change as well. And it will come. But it has to be our collective mission to make it come sooner.
Indeed! Watch this space.