Next week the House Budget Committee will have an opportunity to examine the Green New Deal (GND), Democrats’ proposal to radically upend every sector of the American economy, from energy, agriculture, and manufacturing to transportation, housing, and health care. Billed as a proposal to address climate change, in actuality, the GND focuses on unrelated and prohibitively expensive government-run programs that would impose job-killing tax hikes on low- and middle-income families and jeopardize the livelihoods of millions of workers.
The GND is projected to cost the federal government $93 trillion over ten years – which is 4.6 times the U.S. Gross Domestic Product in 2018. This translates to a cost of approximately $60,000 a year for hard-working American families (or $600,000 over ten years). To put that in perspective, today the median household income in the United States is less than $61,500 a year.
That’s bad news for workers, families, and the federal budget, which means future generations will pay the price down the road for busting the federal budget today. Here’s why:
GND Would Place Enormous Financial Burdens On Low- And Middle-Income Families:
“Taxes would have to rise.”
“[The GND] would make it harder for families to save money and live the American Dream. … Poor and working-class Americans would face higher energy costs, higher food costs, and higher housing costs.”
“The middle class would have to pay.”
GND Would Eliminate The Jobs That Millions Of Workers Rely On And That Fuel Our Economy:
“All it does is … export our jobs, while doing nothing for the end game, which is the [environment].’’
“[Workers would be] at risk of job disruptions and economic dislocation as a result of those actions.”
“Could cause immediate harm to millions of … [workers’] jobs and their families’ standard of living.”
“[The GND] would have a negative impact on the entire agricultural supply chain, from farmers to cattle owners, to drivers to ethanol refineries.”
GND Would Bust The Federal Budget, Leaving Future Generations To Pay The Price:
“The result would be a devastating collapse of the nation’s economy.”
“[The GND] almost certainly would require tax increases or large-scale deficit spending.”
“The damage would escalate … to the point of near (or actual) economic and social collapse.”
Click HERE to read more about how this costly program will affect the budget.
Click HERE to read more about how the GND is a “massive transformation of our society” that “would do nothing to arrest greenhouse-gas emissions.”
Click HERE to read what others are saying about the GND.