Earlier this year, Democrats in the House of Representatives introduced H.Res.109, commonly referred to as the Green New Deal, a “national, industrial, economic mobilization plan” to fully eliminate all carbon emissions within 10 years, as the resolution sponsor explained. Here’s what that really means: this proposal would affect every sector of the American economy, from energy, agriculture, and manufacturing to transportation, housing and health care. Even proponents of the proposal describe it as “a massive transformation of our society.”
For example, the proposal would:
- Guarantee housing and food security for all Americans – even for those unwilling to work.
- Guarantee a union job with family-sustaining wages, benefits, and retirement security.
- Make air travel “unnecessary” by building a cross-country high-speed rail.
- Fully transition away from all fossil fuels, eliminating carbon emissions from buildings and vehicles.
- Replace employer-sponsored health coverage, Medicare, and many other programs people rely on with one-size-fits-all, government-run health care.
“Engineered to be as expensive as possible,” the Green New Deal could cost up to $93 trillion over ten years, according to a new study from former Congressional Budget Office (CBO) Director Douglas Holtz-Eakin. To put that in perspective, the estimated cost per household could be over $60,000 per year.
Some proponents of H.Res.109 have proposed raising taxes on hard-working families as high as 90 percent to pay for these sweeping policy changes. However, as Investors’ Business Daily editorial board wrote, “at the high end … even taking every single penny earned by tax filers with adjusted gross incomes over $50,000 would not be enough money to pay the costs.”
As the Heartland Institute wrote, this sweeping proposal could “send our nation into another Great Depression, throw millions of Americans out of work, and turn the American Dream into a nightmare.”
Given the size and scope of the Green New Deal, House Budget Republicans will release a series of Budget Busters dedicated to dissecting the most costly and expansive elements of the proposal – from eliminating carbon emissions to providing jobs, housing, and health care to all Americans. Stay tuned for additional Busters in the weeks ahead.
Click HERE to read what people are saying about the sweeping proposal.
Click HERE to read about other budget-busting proposals.
Click HERE for a printable PDF.