Inside Track
Green New Deal Will Cost $93 Trillion, Says Think Tank
The Green New Deal (GND) being pushed by far-left Democrats such as New York Representative Alexandria Ocasio-Cortez could cost the country as much as $93 trillion — that’s $653,000 per household — over a decade, according to a new report released February 25 from the American Action Forum (AAF).
The GND’s goal of transitioning to a power system with net-zero greenhouse-gas emissions in 10 years is quite daunting. Even using very conservative assumptions such as maintaining only four hours’ worth of power storage and not constructing new transmission assets, AAF forecasts that attaining the GND’s objective would require $5.4 trillion of capital investment by 2029, not to mention an additional $387 billion in “annual operation, maintenance, and capital-recovery costs.” All of this will, the group estimates, increase the cost of generating electricity by at least 22 percent, costing the average family an additional $295 per year.
Another of the GND’s grandiose schemes is to guarantee all Americans “a job with a family-sustaining wage, adequate family and medical leave, [and] paid vacations.” AAF predicts that this program will cost at least $6.8 trillion and, if all those who can be expected to take advantage of the program do so, up to $44.6 trillion. The chumps still working in the private sector will, of course, be subjected to confiscatory taxation to provide these jobs — not to mention “economic security” for those “unwilling to work.”
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