(NationalSentinel) A new analysis of Rep. Alexandria Ocasio-Cortez’s “Green New Deal” found that households in key swing states would pay at least an additional $70,000 in the first year of its implementation, and then tens of thousands more in energy and other costs per year thereafter.
The study by the Competitive Enterprise Institute found that radically transforming energy consumption in the United States would have devastating economic effects on all Americans, as well as the U.S. economy, the driver of the global economy.
CEI analysts examined a wide swath of data to make estimates about how transforming the energy sector under the radical plan would impact costs in five representative states. The Green New Deal calls for de-carbonizing transportation as well as retrofitting all U.S. and commercial buildings.
In the first year of implementing the plan, average households in Alaska, Florida, New Hampshire, New Mexico, and Pennsylvania would pay at least $70,000 in new expenses, followed by about $45,000 per year thereafter for each of the following 2-5 years. Thereafter, costs would be about $37,000 per year.
And again, these are just estimates. The real amounts could — and likely would — be much higher, CEI warns.
“Most provisions of the GND are so broad and open-ended that the list of potential programs necessary to implement the program is limited by the capacity of legislators to imagine a new government program,” authors Daniel Turner and Kent Lassman wrote.
“Therefore, it is impossible to calculate the whole or maximum cost of the GND. However, other parts of the GND are more precise, sufficiently so that an approximate minimum cost estimate is available.”
The CEI analysis comes as Democrats vying for their party’s 2020 presidential nomination are set to hold their second debate, this time in Detroit, on Tuesday. Most leading candidates have endorsed all or parts of the GND, including frontrunner and former VP Joe Biden.
Also, three Democrats in Congress introduced a bill last week that would dramatically reduce carbon emissions on a similar scale — which, analysts say, would cause economic pain on their own.
As for the implementation costs for GND in states like Pennsylvania, the costs are eye-watering. CEI estimated, for example, that in Pennsylvania alone, costs would soar to $2 quadrillion — with a ‘Q’ — while in Florida, those costs would be $1.4 quadrillion.
New Hampshire, an early primary and much smaller state, would get off much easier; CEI estimates residents there would only pay $102.8 trillion.
How much is a “quadrillion?” Equal to one thousand trillion, the figure is represented by a 1 followed by 15 zeroes. One quadrillion would be roughly 250 times the annual federal budget.
Costs were $352.8 trillion for New Mexico and $533.4 trillion for Alaska.
- By Jon Dougherty, The National Sentinel
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