Weekly Economic Snapshot 6/5 - 6/9

Economic Facts for this Week

• Climate change is likely to have profound effects on the health of Americans and our economy.
  • Increased temperatures could cause a 3 percent increase in mortality rates (adjusted for age) by the end of the century.
  • In the next 15 years, higher sea levels and storms could increase damage costs by $2 to $3.5 billion per year, rising to $42 billion per year by 2100.
  • Climate change could also cause an 11 percent increase in annual residential energy consumption.
  • Average U.S. corn, soybean, and cotton yields could decrease by 30-46 percent by 2100.
  • Labor productivity for outdoor workers could fall by as much as 3 percent by 2100.

Chart of the Week

The Trump Budget would cut $2.5 trillion in programs that assist low- and moderate-income Americans, for about 60 percent of the total non-defense cuts. For comparison, these programs are only 29 percent of non-defense spending.

ICYMI

• Paris Agreement withdrawal injects uncertainty into the clean energy economy.
• Higher-income taxpayers are more likely to evade taxes: in Scandinavia about 3 percent of personal taxes are evaded, but that number is 30 percent among those with more than $40 million in net wealth.
• Increasing gender diversity in venture capital firms improves deal and fund performance.
• The Medicaid expansions increased prescriptions for smoking cessation medications by 36 percent, suggesting that they allowed low-income smokers to access effective ways to stop smoking.

Coming This Week

• Tuesday 10:00am: Job Openings and Labor Turnover Survey – https://www.bls.gov/news.release/jolts.htm
• Friday 10:00am: Employer Costs for Employee Compensation – https://www.bls.gov/news.release/ecec.nr0.htm