April 25, 2019
The Green New Deal would have essentially no effect on global warming, a new report argues, while imposing enormous economic and social costs.
The report, authored by the American Enterprise Institute’s Benjamin Zycher, analyzes the likely impacts of the Green New Deal (GND) as outlined by Rep. Alexandria Ocasio-Cortez (D., N.Y.) in her proposed resolution calling for such a program. In Zeicher’s account, the GND is a set of proposals (some more or less vague than others) designed to cut U.S. greenhouse gas emissions to zero by 2050. Doing so, proponents argue, would actually boost the economy through the jobs created.
This second goal of economic acceleration, Zycher writes, is a “‘broken windows‘ argument” depending as it does on the idea that destroying existing carbon-intensive capital goods would add to (rather than subtract from) the wealth in the economy.
“It is not to be taken seriously,” he writes.
The first goal—net zero emissions by 2050—also suffers from serious flaws. In large part because the United States only accounts for a fraction of global greenhouse gas emissions today, achieving zero emissions would have only a limited impact on the growth of global temperature over the next 80 years. Specifically, Zycher estimates that it would cut future temperatures by 0.083 to 0.173 degrees Celsius by 2100, a decrease “barely distinguishable from zero.”
This article was posted: Thursday, April 25, 2019 at 3:43 am