On Thursday, Representative Alexandria Ocasio-Cortez and Senator Ed Markey formally proposed the Green New Deal. The proposed legislation is an economic stimulus that plans to eliminate fossil fuel usage in America within 10 years, establish universal healthcare, and calls for basic income programs. Although this seems like a good idea to many people, the Green New Deal has many problems with it.
One problem with the deal is that it won’t do much in terms of fighting climate change. The United States emits 15% of the world’s carbon dioxide. So, with the Green New Deal, the global carbon emissions will only be reduced by 15%. Many scientists have stated that we need to cut carbon emissions by 80% within the next 3 decades in order to stop the effects of climate change. Unless the US can convince other countries to adopt the Green New Deal, the efforts will prove to be useless.
Another problem with the deal is that it will hurt the economy. Some of the proposals in the deal, such as Universal Healthcare and Basic Income Programs, will lead to much higher taxes. These taxes will hurt businesses and this will in turn, hurt the economy. Additionally, the deal is expected to kill around 3.4 million jobs.
Perhaps the biggest problem with the Green new Deal is that it will increase the already massive amount of federal debt. It is estimated that the deal will add over $2 trillion to the federal deficit. As you probably know, a large amount of federal debt leads to many long term problems.