Beto's $5 trillion boondoggle

  • 2 May 2019
  • NormanL

The so-called "Green New Deal" is another of the hot (so to speak) ideas on the Democratic presidential circuit. While the plan is a hash of economic illiteracy mixed with magical thinking, it hasn't stopped some candidates from making it a big part of their campaigns. On that list, would-be nominee Beto O'Rourke, who is desperately in search of attention.  To get it, O'Rourke has proposed a $5 trillion green plan:

...calling for “a full mobilization of our democracy and economy” to combat climate change. At the heart of O’Rourke’s plan is a $5 trillion bill and an “enforceable standard that guarantees the United States will achieve net zero emissions by 2050 and be halfway there by 2030.”

That's just half way to the progressive goal, and takes much more time to get there. But putting aside the time tables, where does all the money come from to pay for this plan?

According to the fact-sheet distributed by his campaign, the $5 trillion bill “will be funded with the revenues generated by structural changes to the tax code that ensure corporations and the wealthiest among us pay their fair share and that we finally end the tens of billions of dollars of tax breaks currently given to fossil fuel companies.”

To put that trillion $5 trillion price tag in context, it is four times the amount of Elizabeth Warren’s $1.25 trillion plan for “free” four-year college and canceling most student-loan debt. And for all that money, O’Rourke only claims his plan will accomplish half of the Green New Deal’s main environmental goal by 2030.

The Democratic presidential field has no shortage of extremely expensive plans, all paid for by a shadowy group of the super wealthy and evil corporations. The real costs tough will, as always, be paid for by average Americans...both in taxes, debt payments, and in the case of the green new deal, their way of life.