02.28.19

The Green New Deal’s Mind-Boggling Costs

The Astonishing $93 Trillion Price Tag Is More Money Than The United States Government Has Spent In Its Entire History

 

An Estimate Finds The Green New Deal Could Cost Up To $93 TRILLION DOLLARS

“The so-called Green New Deal may tally between $51 trillion and $93 trillion over 10-years, concludes American Action Forum, which is run by Douglas Holtz-Eakin, who directed the non-partisan CBO from 2003 to 2005. That includes between $8.3 trillion and $12.3 trillion to meet the plan’s call to eliminate carbon emissions from the power and transportation sectors and between $42.8 trillion and $80.6 trillion for its economic agenda including providing jobs and health care for all.” (“Alexandria Ocasio-Cortez’s Green New Deal Could Cost $93 Trillion, Group Says,” Bloomberg News, 2/25/2019)

 

Summary Table (2020-2029)

Goal

Estimated Cost

Estimated Cost Per Household

Low-carbon Electricity Grid

$5.4 trillion

$39,000

Net Zero Emissions Transportation System

$1.3 trillion to $2.7 trillion

$9,000 to $20,000

Guaranteed Jobs

$6.8 trillion to $44.6 trillion

$49,000 to $322,000

Universal Health Care

$36 trillion

$260,000

Guaranteed Green Housing

$1.6 trillion to $4.2 trillion

$4,000 to $12,000

Food Security

$1.5 billion

$10

(Douglas Holtz-Eakin, Dan Bosch, Ben Gitis, Dan Goldbeck, and Philip Rossetti, “The Green New Deal: Scope, Scale, and Implications,” American Action Forum, 2/25/2019)

Estimated 10-Year Cost Sums

 

Estimated Cost

Estimated Cost Per Household

Low-End Estimate

$51.1 trillion

$361,010

High-End Estimate

$92.9 trillion

$653,010

 

SEN. JOHN BARRASSO (R-WY), Senate Environment & Public Works Committee Chairman: “The ‘Green New Deal’ drives a stake into the heart of our strong and healthy and growing economy. It’s $93 trillion…. It’s clearly unaffordable. It’s clearly unworkable.” (Sen. Barrasso, Press Conference, 2/26/2019)

SEN. JONI ERNST (R-IA): “[W]e need to be realistic about our nation's current energy needs and capabilities. This proposal from the Democrats is far too costly, extreme, and impractical.” (“‘Green New Deal’ Receiving Mixed Reactions Among Iowa Business Leaders,” KCRG-TV, 2/15/2019)

 

How Much Is $93 Trillion ($93,000,000,000,000)?

It’s over $10 trillion LARGER than the COMBINED GDP OF EVERY NATION ON EARTH in 2017. The World Bank lists the world’s combined GDP in 2017 as only $80.7 trillion. (“GDP (Current US$),” The World Bank, Accessed 2/26/2019)

In fact, IT EXCEEDS THE ENTIRE RECORDED SPENDING OF THE UNITED STATES GOVERNMENT since the Constitution went into effect in 1789 by nearly $10 trillion. According to the Fiscal Year 2019 U.S. Budget, the U.S. government has spent $83.2 trillion since 1789. (Historical Tables, pp. 24-25, Budget of the U.S. Government Fiscal Year 2019, Office of Management and Budget)

It’s over 4 AND A HALF TIMES GREATER than the current $20.2 trillion gross public debt of the United States. (Historical Tables, p. 132, Budget of the U.S. Government Fiscal Year 2019, Office of Management and Budget)

 

Democrats Running For The White House Have Rushed To Embrace This Sweeping Scheme

REP. ALEXANDRA OCASIO-CORTEZ (D-NY): “The Green New Deal that we introduced two weeks ago, which was an amazing step forward … And then the first day, we were able to introduce a resolution in both chambers co-sponsored by … every Democratic presidential candidate and 65 House members.” (Rep. Ocasio-Cortez, Remarks, 2/16/2019)

Sen. Ed Markey’s (D-MA) bill is cosponsored by Sens. Bernie Sanders (I-VT), Kirsten Gillibrand (D-NY), Kamala Harris (D-CA), Elizabeth Warren (D-MA), Cory Booker (D-NJ) and Amy Klobuchar (D-MN). (S. Res. 59, 116th Congress)

SEN. KIRSTEN GILLIBRAND (D-NY): “I’m calling for a Green New Deal …” (Sen. Gillibrand, @SenGillibrand, Twitter, 2/22/2019)

SEN. KAMALA HARRIS (D-CA): “I wanted to share some really important news with you: I’m proud to announce that I’ve signed on as an original co-sponsor of the Green New Deal in the Senate.” (Kamala Harris, “Green New Deal,” Medium, 2/07/2019)

SEN. ELIZABETH WARREN (D-MA): “I’m in all the way for a #GreenNewDeal.” (Sen. Warren, @ewarren, Twitter, 2/22/2019)

SEN. CORY BOOKER (D-NJ): “Excited to support a #GreenNewDeal.” (Sen. Booker, @CoryBooker, Twitter, 12/14/2018)

FOX NEWS’ BRET BAIER: “Here’s the Green New Deal, if the Senate Majority Leader brings it to the floor, how do you vote on it?”

SEN. AMY KLOBUCHAR (D-MN): “The Green New Deal? … I would vote yes …” (Fox News’ “Special Report w/ Bret Baier,” 2/12/2019)

“Sen. Bernie Sanders, I-Vt., is working on a ‘comprehensive’ climate proposal that ‘builds on the (Green New Deal) resolution that was introduced and fleshes out a lot of those details,’ communications director Josh Miller-Lewis said.” (NBC News, 2/17/2019)

CNN’S JAKE TAPPER: “Do you endorse the Markey/Ocasio-Cortez Green New Deal?

MAYOR PETE BUTTIGIEG: “Yes, I think it’s the right beginning.” (CNN’s “State of the Union,” 2/10/2019)

SECRETARY JULIAN CASTRO: “We’re gonna say … yes to passing a Green New Deal.” (Julian Castro, @JulianCastro, Twitter, 1/12/2019)

 

‘This Is An Opportunity To Go On Record’

SENATE MAJORITY LEADER MITCH McCONNELL (R-KY): “I’ve been reading with some amusement that our friends on the other side seem to be reluctant to vote on the ‘Green New Deal.’ … The only question I would ask is if this is such a popular thing to do and so necessary why would one want to dodge the vote? This is an opportunity to go on record …” (Sen. McConnell, Press Conference, 2/26/2019)

“Sen. Jeff Merkley (D-Ore.), an avowed Green New Deal supporter, said that if the resolution does come up, Democrats should seize the opportunity to debate it…. ‘I’d encourage everyone to look at what’s actually in the resolution,’ Merkley said. ‘Absolutely, I’d vote for it.’” (“The Trailer: Tulsi Gabbard Finds Her People In Iowa,” The Washington Post, 2/12/2019)

“‘He’s trying to bully the party, and he’s banking on people not being courageous,’ Ocasio-Cortez said Tuesday of McConnell’s plans [to hold a vote on the Green New Deal]. ‘I think people should call his bluff.’” (“‘You Can Feel It Now’: New Democrats Push Party, And 2020 Candidates, To The Left On Divisive Issues,” The Washington Post, 2/12/2019)

 

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SENATE REPUBLICAN COMMUNICATIONS CENTER

Related Issues: Senate Democrats