• February 26, 2024

The Green New Deal, in Disguise

Candidate Joe Biden emphatically denied having supported the Green New Deal. As with so much else, President Biden is now a convert. Its $ 2.3 trillion infrastructure plan includes enough spending and industrial planning to make it the disguised Green New Deal.

Listen to MP Alexandria Ocasio-Cortez who requested maternity for the president’s plan two weeks ago. “As much as I think some parts of the party are trying to avoid saying ‘Green New Deal’ and really dancing around trying not to use that term, ultimately the framework I think was taken over,” boasted the progressive heroine from Queens. The details prove their point.

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Mr Biden sees a great economic return on federal investment in his plan – and better roads, bridges and ports could increase productivity. However, more than half of his plan is devoted to reducing CO2, aiming to eliminate fossil fuels with a mix of federal spending, subsidies, and regulation. This is a political project with suspicious returns.

• Start with $ 213 billion to build and retrofit two million energy efficient homes and buildings. These alleged “upgrades” would be funded by federal grants, tax credits and the economically inefficient Weatherization Assistance Program (WAP).

A 2018 study in Michigan’s Quarterly Journal of Economics found that upfront investment costs are roughly twice the actual energy savings. “Even when the broader societal benefits of reducing emissions are taken into account, the costs far outweigh the benefits. The average return is around –7.8% per year, ”according to the study.

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Jack

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