According to the World Wildlife Federation’s 2012 Living Planet Report, at the current rate of consumption, “it is taking 1.5 years for the Earth to fully regenerate the renewable resources that people are using in a single year. Instead of living off the interest, we are eating into our natural capital.” This is a path to never-never land. Unlike with financial deficits, simple debt forgiveness is not an option.
When we deplete Earth’s bio-capacity—its capacity to support life in its many varied forms—we are not borrowing from the future; we are stealing from the future. Even though it is the most serious of all human-caused deficits, it rarely receives mention in current political debates.
When we assess economic performance by growth in GDP and stock price indices, we in effect manage the economy to make the most money for people who have the most money. This leads us to the fanciful belief that as a society we are getting richer. In fact, we are impoverishing both current and future generations by creating an unconscionable concentration of economic power, depriving billions of people of a secure and dignified means of living, and destroying the social and biosystem capital on which our real well-being depends.
With proper care and respect, biosystem capital can provide essential services in perpetuity. The reckless devastation of productive lands and waters for a quick profit, a few temporary jobs, and a one-time energy fix from Earth’s non-renewable fossil energy resources represent truly stupid and morally reprehensible deficit spending. Evident current examples include tar sand oil extraction, deep sea oil drilling, hydraulic fracturing to extract natural gas, and mountaintop removal coal mining The fact that we thereby deepen human dependence on finite nonrenewable fossil energy reserves and accelerate climate disruption make such actions all the more stupid and immoral.
Financial system logic, which rests on the illusion that money is wealth, tells us we are making intelligent choices. Living systems logic tells us our current choices are insane and a crime against future human generations and creation itself.
David Korten, America’s Deficit Attention Disorder