The latest estimate for the total cost of the Green New Deal, a radically ambitious environmental proposal made by Rep. Alexandria Ocasio-Cortez (D-NY14), seems to reaffirm the notion that this policy being costly is an under statement.
According to the Daily Wire, every estimate for the 10-year plan which would replace all gasoline cars with electric vehicles, replace all coal and non-renewal energy with green technology, provide a federal jobs guarantee, and establish Medicare for all, just to name a small portion of the project, has a price tag that ranges in the tens of trillions of dollars. “One study put the cost at $51 trillion, another at $93 trillion.”
This latest study by the Competitive Enterprise Institute breaks down an estimated cost by region. Each of the five states – Alaska, Florida, New Hampshire, New Mexico, and Pennsylvania – were chosen because combined their environment and geography are representative of the US at-large. The study found that households in each of the five states “will be on the hook for more than $70,000 in increased costs for electricity, upgrading vehicles and housing, and shipping in just the first year under the Green New Deal.”
It is estimated that Florida households alone will foot half a trillion dollar bill in Year 1.
The average cost per household in each state, except Alaska, will be greater than $70,000 in the first year alone. Years 2-5 will cost households about $45,000 per year where as costs decrease to a modest $37,000 per year every year after year 6.
Alaska is substantively more expensive due to its remote location and harsh climate.
In a nation of 126 million households, Year 1 will cost the country $8,820,000,000,000. Years 2-5 will cost a combined $22,680,000,000,000. Years 6-10, as the GND is a 10-year plan, will cost a combined $18,648,000,000,000. All together, we are looking at a total cost to households of $50,148,000,000,000.
The $50 trillion price tag only measures the added costs to households, not other businesses, overall lost growth, or tax burdens.
“Economists and experts have been warning us for months about the devastating effects of the Green New Deal, and now we have the numbers to prove it,” said Daniel Turner, Executive Director of Power the Future. “This study only calculates a fraction of the cost of Alexandria-Ocasio Cortez’s radical plan, which amounts to a socialist free-for-all with no regard for the American taxpayer. No family should be forced to pay tens of thousands of dollars in the first year alone to fund AOC’s ideological wish list. Thankfully, Americans see through the Green New Deal and are beginning to fight back.”DANIEL TURNER, POWER THE FUTURE
You can read the full study here.
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