Just the Facts: Environment and the Economy
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USAFacts is continuing our deep dive into founder Steve Ballmer’s Just the Facts series to share information on the top election season issues by the numbers. This week, we’re covering the environment, plus the basics on inflation. |
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Are major natural disasters increasing?
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Of the 10 years with the most natural disasters, nine of them have been in the last decade. The number of weather-related natural disasters causing damages of more than $1 billion has risen over the past 40 years, from an average of 3.3 per year in the 1980s to over 17 per year from 2014 to 2023.
- Since 1980, the nation has had 395 natural weather disasters with costs exceeding $1 billion. These include 201 severe storms, 63 tropical cyclones (or hurricanes), 44 floods, 31 droughts, 24 winter storms, 23 wildfires, and nine freezes.
- These disasters have resulted in nearly 16,500 deaths and cost $2.77 trillion. Nearly 40% of the billion-dollar climate events since 1980 have happened between 2017 and today.
- Major tropical cyclones, including hurricanes, have caused the most damage in terms of both deaths and financial costs. The eight costliest natural disasters since 1980 have all been tropical cyclones, accounting for $888 billion in damages. The costliest: Hurricane Katrina in 2005 at $200 billion.
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- The nation’s geographic regions each have unique combinations of weather and climate hazards. Texas has had the most billion-dollar disasters at 186, or approximately 4.1 disasters per year. It’s followed by Georgia (129), Illinois (126), Missouri (118), and North Carolina (117).
- Local and tribal governments are the first line of defense in the immediate aftermath of weather emergencies. When necessary, federal disaster funding supports local disaster response. Each state also has disaster funding mechanisms. If a disaster’s cost exceeds the state’s capacity to respond, the state government may apply for federal assistance.
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What is inflation? How is it measured?
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Economists, government workers, and members of the media often mention inflation, which is essentially a complex way to measure price increases. What drives inflation? A few things: demand for goods and services exceeding their production, or raw materials and other “input goods” being in limited supply. Here’s more behind this top election issue.
- When inflation rises, so does the cost of living. Meanwhile, the dollar’s purchasing power decreases. For example, an item that cost $1.50 in 1920 would cost $9.80 in 1990 and $22.85 in 2023 after accounting for inflation.
How well can you chart the inflation rate? Complete the graph below here.
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- One of the most common measures of inflation is the Consumer Price Index for Urban Consumers (CPI-U), produced by the Bureau of Labor Statistics. The CPI-U covers major purchase categories including food and beverages, housing, apparel, transportation, medical care, recreation, plus education and communication.
- Congress tasks the Federal Reserve to maximize employment and keep prices stable. To achieve this, the Fed influences the inflation rate through monetary policy. If demand is increasing and inflation is rising, the Fed can pursue policies to raise interest rates. If demand slows, the Fed can lower interest rates to encourage economic growth.
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Speaking of which: Last Wednesday, the Federal Reserve lowered interest rates for the first time since March 2020. Here’s the historical data on rates from 2000 through early this year.
Provisional data from the Centers for Disease Control and Prevention shows that the US fentanyl death rate dropped perhaps by as much as 10% from April 2023 to April 2024. Here’s an accounting of fentanyl deaths over the past few years.
Time magazine has named USAFacts Founder Steve Ballmer as a Defender of Democracy. As Steve cites in the new article, this quote from James Madison has served as inspiration for the USAFacts mission: “A popular government, without popular information, or the means of acquiring it, is but a prologue to a farce or a tragedy; or, perhaps both.”
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One last fact: Election edition
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Swing states tend to be good predictors of presidential elections. From the nine elections held from 1988 to 2020, Nevada and Ohio voted for the winner of the presidency eight times. Since 2000, Colorado, Florida, Nevada, Ohio, and Virginia have selected the eventual election winner in all but one election. |
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