Bloomberg Writer Wrongly Compares Climate Change Costs to Two Great Depressions
If we'd lived through two Great Depressions in the past twelve years, wouldn't we have noticed?
The Great Depression was the largest economic calamity of the 20th century, causing widespread unemployment, poverty, and suffering. US GDP fell by a third from 1929-1933, with compounding effects for the following decade. Over those four years alone, cumulative lost output was roughly equivalent to an entire year of pre-crisis GDP.
It …
