Ocasio-Cortez’s Green New Deal is dead on arrival, economist says
The Dean of the Columbia University School of Business, Glenn Hubbard, said Alexandria Ocasio-Cortez’s Green New Deal doesn’t make fiscal sense and is dead on arrival.
“The Green New Deal isn’t just about the environment. It’s a fundamental remaking of the American economy at a cost of almost one-third of GDP,” he told Gerry Baker on “WSJ at Large,” on Friday. “The United States isn’t going to do that… It is simply not possible.”
Newly-minted Congresswoman Alexandria Ocasio-Cortez, D-N.Y., introduced the deal in the House and Senator Ed Markey, D-Mass., introduced it in the Senate. It has also been endorsed by top 2020 contenders including, Elizabeth Warren, Kamala Harris, Cory Booker, and Bernie Sanders and requires a government-led overhaul in order to achieve net-zero greenhouse gas emissions. However Hubbard said the plan actually works against efforts to help the environment.
“The Green New Deal will put backward a discussion on climate change,” he said. “By so radicalizing the debate, the chance for sensible, moderate policies that many on the center-right and center-left has talked about for years in a serious non-Twitter 140 characters way… will be put back.”
Senate Majority Leader Mitch McConnell announced Tuesday that he plans to hold a vote on the resolution. In Hubbard’s opinion, less-radical proposals exist and should be pursued.
“Things like a carbon tax, massive support for nonpetroleum based research,” he said. "There’s a lot we could be doing.”