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At The New York Sun, Novi Zhukovsky details a new book by reporter Charles Gasparino titled “Go Woke, Go Broke,” in which he details how the policies espoused by Joe Biden and the “woke” movement drove inflation up and harmed Americans. Zhukovsky writes:
Have President Biden’s “woke” economic policies served to fuel the current inflationary economy? That’s the question posed by veteran Wall Street reporter Charles Gasparino in his new book on woke capitalism, “Go Woke, Go Broke.”
Mr. Gasparino focuses on the impact of woke economic policy — meaning, regulation guided by specific environmental, social, governance requirements — on the energy sector during Russia’s invasion of Ukraine in 2021.
Environmental, Social, and Governance regulations, he argues, serves to distort the efficiencies of the market by imposing unnatural business incentives. In the case of the energy sector, Mr. Gasparino writes, the Biden administration’s ESG regulations forced oil companies to focus on renewable energy alternatives, rather than serving their shareholders.
“ESG’s imperatives gave energy companies the economic incentive — that is, more people buying their stock — to stop drilling oil.”
The result? Higher gas prices. Just as Russia invaded Ukraine and upended the global oil market.
While most Americans suffered at the hand of cripplingly-high prices, Wall Street, which had been steadily ramping up investment in ESG, making it one of the largest sectors in the American economy, was raking in cash.
“If you limit the supply of energy and incentivize companies to focus on something else when energy, and low prices for energy, are needed,” Mr. Gasparino tells the Sun, “you’re going to have backlash.”
Read more here.
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