Washington D.C. – The left is cheering the Green New Deal, and the right is widely mocking it. Now a study group has affixed a price tag to Rep. Alexandria Ocasio-Cortez’s plan to completely remake America’s energy infrastructure, including the elimination of cars, planes and fossil fuels.
A favorite tactic of politicians who make proposals that are out of reach due to the cost is to call on new taxes on the “wealthy” and large corporations to pay for it. Rep. Cortez has called for a 70% tax on billionaires, as an example, to pay for the Green New Deal.
But the cost of the Green New Deal doesn’t just outpace the ability of middle-class Americans to foot the bill, or the ability of America’s billionaires to pay for it.
The cost of the Green New Deal exceeds the world’s entire monetary supply.
World Factbook’s ‘broad money’ total, which serves as an estimate of how
much currency exists in the world, the sum total of all the money in the world’s
checking accounts, savings accounts, money-market accounts, and basically any financial
account or digital ledger, plus the amount of physical currency available in
bank vaults and in circulation, equals about $80 trillion.
The United States’ ‘broad money’ total is estimated at $14 trillion at the end of 2017, just a fraction of the cost of the Green New Deal.
This means that there is literally not enough money in the world to pay for the Green New Deal. It would cost the United States nearly seven times the total ‘broad money’ we currently hold privately and publicly as a nation.
Rep. Chellie Pingree of Maine has signed on as a cosponsor of the Green New Deal and Rep. Jared Golden has not taken an official position.
The Green New Deal has nearly 90 cosponsors, all Democrats. Among those supporting the Green New Deal are Democratic Presidential contenders Sen. Kamala Harris; Sen. Bernie Sanders; Sen. Corey Booker; Sen. Amy Klobuchar; Sen. Elizabeth Warren; Sen. Kirsten Gillibrand; Julian Castro of Texas and Beto O’Rourke of Texas.