Global warming news: Brutal winter to cost economy $50 billion

Author on New Year's Day

Now when the White House is forced to explain the rotten economic numbers for the last few months, will it blame snow, ice, and cold weather? If it does, it will contradict their flat-earth belief in global warming.

From the Los Angeles Times:

The severe weather that has hit much of the country this winter has cost the economy nearly $50 billion in lost productivity and 76,000 jobs, according to a new survey.

Snow, ice and bitter cold will shave about 0.3 percentage point from economic growth, according to Wall Street economists, fund managers and strategists polled by CNBC.

In an economy with about $15.7 trillion in total output, or gross domestic product, that comes to about $47 billion.

The weather that has made much of the country at times look like it could host the Winter Olympics also hindered labor market growth, partly causing the disappointing government jobs reports in December and January.

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