The price tag for Rep. Alexandria Ocasio-Cortez’s socialist “Green New Deal” is absolutely staggering.
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According to Fox News, a new analysis found that Ocasio-Cortez’s plan — which she claims will provide “free” healthcare, education, and even jobs — will cost a whopping $7 trillion.
“Next week, we plan to release a resolution that outlines the scope and scale of the Green New Deal,” Ocasio-Cortez said in the letter, adding that the country’s near-total economic transformation should take approximately ten years.
The Green New Deal proposal would lead to national net-zero greenhouse gas emissions, according to Ocasio-Cortez’s letter, “through a fair and just transition for all communities and workers,” while also generating millions of “good, high-wage jobs.” Details of the letter were first published by Bloomberg.
Through it all, the Green New Deal would additionally “promote justice and equity by preventing current and repairing historic oppression to frontline and vulnerable communities,” according to Ocasio-Cortez.
Under the draft plan, Ocasio-Cortez proposes eliminating all fossil-fuel-powered electricity. That would shutter all coal and natural gas power plants across the United States, costing hundred of thousands of jobs. Oh, and she also wants to get rid of all gas-powered cars — in 10 years.
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However, a recent study from PJ Media found that the estimated $7 trillion projected cost is woefully low, and that it could cost nearly $50 trillion, which would be roughly seven times more than that.
The “Green New Deal” would also include a federal jobs guarantee program. Sen. Cory Booker (D-N.J.) has a bill proposing this kind of system, and it would cost $543 billion in the first year, The Week reported. The cost would decrease over time, but in the first ten years it would still add up to $2.475 trillion. (This estimate only covered a wage lower than $15 per hour and health care benefits. Booker’s program also only covered 15 areas, not the entire country.)
The “Green New Deal” also includes a universal basic income (UBI). The Center on Budget and Policy Priorities estimated that a UBI program that gave every American $10,000 per year would cost more than $3 trillion annually, so roughly $30 trillion over the first ten years.
As with any Ocasio-Cortez plan, Americans cannot forget the cost of universal single-payer healthcare. Power the Future took a conservative estimate on the cost of such a massive plan. A 2017 University of Massachusetts-Amherst study found that the plan coming from Sen. Bernie Sanders (I-Vt.) would cost $1.38 trillion per year during the first 10 years, the Tampa Bay Times reported. That yields a total cost of $13.8 trillion.
Ocasio-Cortez has several other ideas that would likely bankrupt the nation.
She still cannot explain how to pay for her $40 trillion “Medicare for all” plan that would likely bankrupt the country over time.
A recent study from the Mercatus Center at George Mason University found that the “Medicare For All” socialist giveaway plan would increase government healthcare spending by $32.6 trillion over 10 years.
The plan is often referred to as “single payer” by other Democrats, which means the federal government essentially swallows up the entire health market.
While getting “free” Medicare, jobs, and health benefits sounds appealing, notable socialists like Ocasio-Cortez fail to mention how taxpayers will be stuck footing the $32.6 trillion bill over 10 years.
All that “free” stuff Ocasio-Cortez keeps promising sure is expensive.
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