Green New Deal is economic nonsense: Varney

By OpinionFOXBusiness

Green New Deal is economic nonsense: Varney

FOX Business’ Stuart Varney explains why the New Green Deal may not make any economic sense.

In New York City, the light bulbs in 23 housing projects are being changed, switching from the old incandescent bulbs to the energy saving LEDs.

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You may be wondering why we are spending time discussing light bulbs. Well, here’s why: It cost $1,973 for each apartment. Repeat: $1,973. That’s because, light bulb changing must be done by unionized electricians, who make $81 in base pay and $54 in benefits, per hour. Total cost for the light bulb switch in 23 projects: $33.2 million. To change the light bulbs. These outrageous numbers are reported by The Wall Street Journal.

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This editorial is not about the high cost of union labor. It’s about the Green New Deal (GND). You see the GND demands the refitting of every single building in the country for energy efficiency. If it’s nearly $2,000 per apartment to change the light bulbs, who can calculate the cost for every structure in America. And when it comes to your building, don't think you can avoid high-priced union labor: The Green New Deal demands quote: "High-quality union jobs that pay prevailing wages."

Light bulbs are not the only energy problem for New York. The Empire State will not allow drilling for natural gas, even though New York sits on vast amounts of it. Worse, it won't allow pipelines to bring in gas from neighboring Pennsylvania where gas drilling has created over 100,000 jobs! Result? Energy prices rising rapidly in New York. It’s another preview of the Green New Deal, which wants to phase out natural gas, and all fossil fuels in 10 years.

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I think you get the point. Whether it's light bulbs, fracking, pipelines or fossil fuels, the Green New Deal is economic nonsense, and politicians who promote it are in danger of ridicule.

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