Green New Deal Would Cost Households More Than $70K in First Year Alone

Green New Deal Would Cost Households More Than $70,000 in First Year Alone

If implemented in its current form, the Green New Deal, promoted by Sen. Bernie Sanders (I-VT) would likely cost households in 11 states at least $70,000 in the first year alone.

As Sen. Bernie Sanders (I-VT) comes closer to being the frontrunner for the Democratic Party’s 2020 presidential nomination, now is a better time than ever to assess the economic impact of his most ambitious plan: the Green New Deal (GND).

According to a new study from the Competitive Enterprise Institute (CEI), Bernie’s “Green New Deal could cost households in 11 states at least $70K—just in the first year after passage.”

Before diving into the details of the exorbitant costs associated with the GND, perhaps we should take a giant step back and assess whether the GND is even remotely necessary in the first place.

The GND is premised as a solution to the existential threat of climate change. Even more importantly, the GND is presented as a solution to climate change caused by manmade emissions of carbon dioxide. If climate change is not chiefly due to human generated carbon dioxide emissions, then the entire GND would not be necessary in the first place.

Before jumping to any conclusions on the origin of a constantly changing climate, perhaps we should ask ourselves if the climate changed significantly before the advent of fossil fuels. The answer to this significant question is: Yes, the climate has been changing for thousands of years, well before human beings harnessed the awesome power of fossil fuels to overwhelmingly improve our standard of living.

Don’t believe me? Well, consider this fact from the Illinois and Michigan Canal National Heritage Corridor: “Continental glaciers invaded Illinois repeatedly during the Ice Age, a span of time from about 2.4 million years to 10,000 years ago. The modern landscape you now see records the retreat of the last major ice sheet that extended into Illinois from 25,000 to 14,000 years ago.”

This “inconvenient truth” means that the exact location, literally, where I am sitting as I write this was under a glacier a few thousand years ago. And this was well before carbon dioxide emissions from fossil fuels were even in the realm of possibility—unless dinosaurs were somehow able to run coal-fired power plants, unbeknownst to all of us.

Now, back to the cost of Bernie’s GND. According to CEI’s report, “the average household in eleven model 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.”

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