The Green New Deal could cost up to $93 trillion over a decade, according to a new report by the right-leaning American Action Forum (AAF).
That comes to an estimated cost $36,100 to $65,300 per American household per year to meet the Green New Deal’s goals, AAF reported Monday. Those goals include “net-zero” emissions, widespread high-speed rail, guaranteed jobs, universal healthcare and upgrading every building.
Thus, the potential cost of the Green New Deal could range from 63 percent of the median to nearly 106 percent what the average household earns a year. The median U.S. household income was $61,372 in 2017, according to government figures.
AAF looked at what it would cost to achieve the Green New Deal’s main goals. For example, eliminating emissions from the electric grid is estimated to cost $5.4 trillion over ten years. Also, “greening” the U.S. transportation system could cost up to $2.7 trillion, including building out high-speed rail.
“The Green New Deal is clearly very expensive,” wrote AAF policy analysts, including economist Douglas Holtz-Eakin, the former Congressional Budget Office director and adviser to former Arizona Senator John McCain’s 2008 president campaign. Holtz-Eakin is now AAF’s president.
New York Rep. Alexandria Ocasio-Cortez joined Massachusetts Sen. Ed Markey to introduce Green New Deal resolutions in early February, calling for overhauling the U.S. economy to get greenhouse gas emissions to “net-zero” within 10 years.
The resolution also calls for a slew of welfare programs, from federal job guarantees to universal healthcare, and for the government to focus on “repairing historic oppression” of certain groups of people. (RELATED: Washington Post Rips Green New Deal: ‘We Can’t Afford Bad Ideas’)
Ocasio-Cortez said the resolution, though non-binding, was needed to take global warming seriously. In a livestream to supporters Sunday night, Ocasio-Cortez said global warming was “going to kill us” if nothing is done.
Republicans oppose the Green New Deal, seeing it as a massive expansion of government to control almost every aspect of American life.
“The American Action Forum’s analysis shows that the Green New Deal would bankrupt the nation,” Wyoming Senator John Barrasso said in a statement.
“Promising new technologies like advanced nuclear power, carbon capture, and carbon utilization hold the key to significant emissions reductions,” said Barrasso, the chairman of the Senate Committee on Environment and Public works.
Democrats are divided on support for the Green New Deal, despite support from every Senate Democrat running for president in 2020.
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