pegs the impact as high as 3.4% of US GDP. This fits with the sun spot cycle-recession charting posted earlier.
Scholarly Article Link
Of even greater current relevance, another scholar specializing in this area recently compared the impact of the current drought with 1980 and 1988 (impact of the 1980 and 1988 doughts was to decrease GDP 0.7-0.8 percent)
http://rogerpielkejr...ts-to-1980.html.
With a 1.7% current GDP growth rate, and the 2012 drought being worse than either 1980 or 1988, there will probably be a material decline in GDP in Q3.
Lyle Hill opines:
"The losses from the 1988 drought were pegged at $78 billion (in 2012 dollars). This year's drought looks like it will be much worse. Some economic impact estimates predict that the GDP impact for 2012 into 2013 will be a crusher on the overall GDP numbers. Very, very bad news for our economy going forward. And anything that hurts the economy ultimately hurts each and every one of us regardless of our age, income, or where we live."
http://lyleblog.usgl...ing-to-cost-us/
Unfortunate, but true.
Geo
Edited by Geomean, 11 August 2012 - 09:13 PM.
