Opponents Say Alexandria Ocasio-Cortez’s Green New Deal Could Cost $93 Trillion
Could Representative Alexandria Ocasio-Cortez’s Green New Deal actually cost between $51 trillion and $93 trillion over 10-years? According to one study concluded it could. The study by center-right group American Action Forum, which is run by economist Douglas Holtz-Eakin, says the ambitious climate change plan would cost more than it’s worth.
The Green New Deal resolution “was introduced in both the House and Senate earlier this month by Ocasio-Cortez and Sen. Ed Markey (D-Mass.).
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The nonbinding proposal is focused on achieving net-zero greenhouse gas emissions within the next 10 years while also creating millions of ‘good, high-wage jobs,’” Bloomberg reported.
“The Green New Deal is clearly very expensive,” American Action Forum said in its report. “Its further expansion of the federal government’s role in some of the most basic decisions of daily life, however, would likely have a more lasting and damaging impact than its enormous price tag.”
However, supporters of the Green New Deal question the method and numbers used in the study. They also say “inaction would be more expensive.”
“The resolution itself, released earlier this month by Ocasio-Cortez and Massachusetts Democratic Senator Ed Markey points to a major report on global warming released by the United Nations last October that says catastrophic climate change could cost more than $500 billion annually in lost economic output in the U.S. by 2100,” the Hill reported.
“Any so-called ‘analysis’ of the #GreenNewDeal that includes artificially inflated numbers that rely on lazy assumptions, incl. about policies that aren’t even in the resolution is bogus,” Markey posted on Twitter. “Putting a price on a resolution of principles, not policies, is just Big Oil misinformation.”