Can we afford the Green New Deal?
Many of us cringe when we hear the words Green New Deal. It is an impossible and unaffordable solution to a climate change that some doubt even exists.
Rep. Alexandria Ocasio-Cortez’s Green New Deal would require every US home and business to draw power from “clean, renewable, and zero-emission energy sources.” It would cost $4.7 trillion over the next 20 years. That works out to about $2,000 a year in added energy costs for the average home.
Fossil fuels can help without hurting the economy, says Jerri Ann Henry of the Women’s Public Leadership Network.
One study found that the Green New Deal would cost the average household in Florida more than $70,000 in its first year. The same goes for households in New Hampshire, New Mexico and Pennsylvania. The bill would cost those households around $45,000 for each of the subsequent 4 years and $37,000 every year after that.
The plan would also wreak havoc on the economy.
A radical reduction of fossil fuel production would destroy 5.9 million jobs over the next 20 years, according to 1 analysis. And that’s after factoring in newly created “green jobs.”
Over the same period, such a plan would reduce Gross Domestic Product by a whopping $11.8 trillion.
Luckily, we don’t need the Green New Deal to fight climate change. Recent breakthroughs in hydraulic fracking have made natural gas abundant and cheap. This has encouraged the energy industry to move from coal to gas-burning plants.
Natural gas emits roughly half the carbon dioxide of coal. Since 2005, natural gas has reduced more carbon dioxide emissions than all renewable energy sources combined.
Natural gas produces more than 10 million jobs. As a result, disposable household income rose $1,300 in 2015. That could soar to $3,500 in 10 years.
The Green New Deal can only bankrupt our economy.
Please let us know what you think about this threat by writing JerryBellune@yahoo.com