The “Green New Deal” is perhaps the most expensive and economically disastrous legislation ever proposed. The socialist-inspired plan aims to remake America’s economy and society through a radical new approach to energy, infrastructure, and the role of government. New research from the American Action Forum estimates the proposal would cost taxpayers up to $93 trillion - more than four times the annual value of all economic activity in the United States.
Put another way, the Green New Deal proposes to spend more money than the entire recorded spending of the federal government since the Constitution went into effect in 1789.
Proponents of the deal say that the legislation would be paid for by increasing taxes on the wealthiest Americans. However, the math does not work. At a cost of about $650,000 per American household, nearly 90 percent of all American assets, wealth, and property would need to be exchanged to pay this hefty price tag.
An Unrealistic and Unachievable Proposal
The Green New Deal requires such an enormous cost because it would mandate goals that are unrealistic and unachievable - not to mention bad policy. The plan calls for a switch to 100 percent renewable fuels within a decade. Wind and solar power currently account for only eight percent of America’s energy and only three percent of energy generated in Mississippi.
Eliminating the use of America’s abundant and affordable coal, oil, and gas resources would not only devastate these industries and the communities they support but also burden all Americans with extremely high energy bills. The plan includes the elimination of gas-powered vehicles, including airplanes, and requires a costly expansion of emissions-free public transportation systems. This would require the replacement of 99 percent of all vehicles - a tremendous waste of resources - and would isolate those in rural states like Mississippi.
The Green New Deal also contradicts the reality of America’s current energy revolution. Over the past decade, new drilling techniques and technology have transformed our country into a net-exporter of energy. Lower energy costs have helped fuel our economic resurgence.
Socialism’s False Promises
The demands of the Green New Deal go well beyond energy. The plan also would guarantee housing, health care, high-wage jobs, food, and paid vacations for all Americans, including those “unwilling to work.” From the Soviet Union to Venezuela, the failures of socialism are proof that government control cannot produce economic prosperity.
It would be easy to dismiss the Green New Deal as an absurd proposal, yet many are taking it seriously. The resolution has the support of 90 members of the U.S. House of Representatives and 12 members of the U.S. Senate. Several candidates for President of the United States also have voiced their approval.
The push for a Green New Deal makes even less sense given the success of Republican policies in jump starting our economy with lower taxes and fewer unnecessary regulations. Our economy grew at a rate of nearly three percent last year. More Americans are working than ever before and wages are growing. As our quality of life continues to improve and new opportunities abound for our people, the last thing we need is a Green New Deal.