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Dec 27 2018

Green New Deal Could Be Economic Death Blow

FDR’s New Deal dramatically expanded the federal government and kept the country mired in depression for years. Democrats dream of recreating this achievement with a Green New Deal:

More than 40 Democratic lawmakers support the “Green New Deal” as part of a broad plan to fight global warming and bring about what they see as “economic, social and racial justice.” A poll found most Americans supported the deal, but knew little about it.

All they need to know is that they are good people if they put the Earth first, and bad, greedy people if they don’t want Democrats to confiscate their money and lower their standard of living.

The main backer of the Green New Deal is Alexandria Ocasio-Cortez, a cognitively challenged bartender who next month will become a congresscritter, and who has been christened by both the party establishment and the media establishment as the future of the Democrat Party.

The Green New Deal is not limited to absurd schemes to optimize the climate through massive taxation and regulation, but would also include job guarantees, guaranteed minimum income, and universal healthcare. It is a new name for socialism.

A primary goal is to forbid the use of fossil fuels. If actually implemented, this alone could collapse the economy and result in mass starvation. On the positive side, liberals believe it would make the weather more pleasant for polar bears.

While specifics are lacking, it is clear that implementing the Green New Deal would cost many trillions of dollars. The healthcare aspect alone would cost $32.6 trillion over 10 years, if it came in the form of the Bernie Sanders Medicare for All plan. Universal basic income would probably cost even more, depending on the income. The cost of generating all the energy we require with wind turbines and solar panels is incomprehensible.

Meanwhile, as Democrats prepare their plans to dig deeper at a furious rate, we already find ourselves at the bottom of a very deep hole:

The federal government has added another $1,370,760,684,441.54 to the debt since last December 25, according to numbers published by the U.S. Treasury. …

According to the latest numbers published by the Treasury, which show where the debt stood on Dec. 20, 2018, the federal debt was $21,863,635,176,724.12.

The 1-year increase in debt comes to $10,743.82 per household.

Interest payments on this massive debt will become increasingly burdensome:

Those payments are projected to triple to more than $600 billion by 2023, reflecting rising interest rates as well as the exploding deficit. That figure approaches the amount the U.S. spends on national defense every year, and dwarfs what it spends on agriculture, Medicaid, income security and veterans’ programs…

Like the economists say: if something can’t go on forever, it will stop. The only argument for letting Alexandria et al. take charge is that it would get the inevitable collapse over with quickly.

The scariest part is what will follow the collapse. Progressives are banking on communism or something very like it. That’s why they don’t mind bringing it about.

On tips from 1-Bodhisattva.

4 Responses to “Green New Deal Could Be Economic Death Blow”

  1. […] mind the alarming Green New Deal. Even the relatively modest Medicare for All would cost tens of $trillions over a decade. With the […]

  2. […] Democrats want to cripple the economy and impose socialism with their Green New Deal. But that isn’t the last word in environmentalist radicalism. Global warming true believer […]

  3. […] right. This would make enslaving the population and collapsing the economy with her Pol Pot-esque Green New Deal the ne plus ultra of moral […]

  4. […] Green New Deal championed by radical Democrats like Alexandria Ocasio-Cortez would cost many trillions of dollars. […]

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