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Progressive Democrats admit in their newly-unveiled Green New Deal outline that the resources of every billionaire and company would not cover the proposal’s cost.
As part of the outline’s FAQ section, the plan’s authors argue the country’s current tax system and regulations do not generate enough revenue to pay for a proposal to replace all fossil fuel energy production. To illustrate the point, the outline states: “The level of investment required is massive. Even if every billionaire and company came together and were willing to pour all the resources at their disposal into this investment, the aggregate value of the investments they could make would not be sufficient.”
Outline - Billionaires - Corporations - Green - New
Further, the outline claims that even if all billionaires and corporations were willing to invest in the Green New Deal’s projects, they do not operate efficiently enough to make “massive investments in unproven reach and technologies” in a narrow period of time. The government, the outline says, “has the time horizon to be able to patiently make investments in new tech and R&D, without necessarily having a commercial outcome or application in mind at the time the investment is made.”
As of March 2018, Forbes reports the U.S. has a total of 585 billionaires, while the net worth of the country’s 400 richest totaled $2.7 trillion.
Objectives - Outline - State - Proposal
Despite its lofty objectives, the outline does state how much it would cost to implement the proposal.
During a press conference Thursday afternoon, Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ed Markey (D-MA) announced their decade-long plan to tackle “climate change,” which they hope will eliminate all “pollution and greenhouse gas emissions” to meet “100 percent of the power...
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