Ocasio-Cortez’s Green New Deal is dead on arrival, economist says

By Bill McCollPoliticsFOXBusiness

Glenn Hubbard: The Green New Deal will put backward a discussion on climate change

Glenn Hubbard, Columbia Business School dean, discusses the problems with Rep. Alexandria Ocasio-Cortez’s Green New Deal.

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.

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“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.”

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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.”

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