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BY: Elizabeth Harrington
The "Green New Deal" will produce the opposite of its intended goal of reducing carbon emissions by stifling energy innovation, according to an expert at the American Enterprise Institute.
Alexandria - Ocasio-Cortez - Proposal - Thursday - Plan
Democratic socialist Alexandria Ocasio-Cortez released her proposal Thursday. The 10-year plan calls for the "economic transformation" of the United States, the elimination of air travel, replacement or upgrade of every building, and a guaranteed federal job with paid vacation for every person in America even if they are "unwilling to work."
Ocasio-Cortez is light on the details of how to finance the deal, estimated at anywhere between $2 trillion and $5.7 trillion, "or more."
End - Day - Investment - Economy - Wealth
"At the end of the day, this is an investment in our economy that should grow our wealth as a nation," Ocasio-Cortez said. "So the question isn't how will we pay for it, but what will we do with our new shared prosperity."
AEI resident fellow Alex Brill explained last week that regardless of cost, the unintended consequences of the Green New Deal are "the worst imaginable."
Brill - Green - New - Deal - Financing
Brill writes that the Green New Deal's financing through bureaucratic funding schemes could "inhibit clean technology and energy efficiency innovation," because grants will "inevitably be earmarked for investments that can be defined using only tools and technologies already at hand."
Energy innovation in the private sector would also be inhibited as private companies would seek federal financing instead of private investment for green energy projects. Brill cites transportation spending data that show highway spending in President Barack Obama's nearly $1 trillion stimulus bill in 2009 actually "reduced state spending on highway projects by 81 cents."
Brill - Funding - Process
Brill also notes the funding process would be political...
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