Green new deal would mean economic suicide
Radically transforming energy consumption under the "Green New Deal" (GND) would cost the average household at least $70,000 in the first year of its rollout, and a cool quarter-million dollars total after five years, a new study concluded.Voters would be making a poor financial decision to back such a scheme. This is especially true since backers of the scheme can't explain which of their assumptions are invalid and causing their predictions of doom to be so off base. The poles are not ice-free and New York is not underwater.
The study, released by the Competitive Enterprise Institute (CEI) on Tuesday, looked at a wide swath of data to estimate how transforming the energy sector -- which includes de-carbonizing transportation and retrofitting U.S. commercial and residential buildings -- would affect the average household in five representative states.
Within the first year of implementing the program, the average household in each of the given states (Alaska, Florida, New Hampshire, New Mexico, Pennsylvania) would incur at least $70,000 in expenses -- followed by roughly $45,000 in annual expenses for each of the following 2-5 years and over $37,000 after that time frame.
Their estimates came on the same day as the Democrats' second primary debate, which included leading progressive candidates who not only have endorsed the GND, but who also sought public support from its visionary, Rep. Alexandria Ocasio-Cortez, D-N.Y. A slew of other candidates -- including the party's frontrunner, former Vice President Joe Biden -- have endorsed the basics of the project. Three congressional Democrats introduced a carbon tax bill last week that similarly would seek a drastic reduction in emissions.