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The Democratic plan to bring about a “massive transformation of society” known as the Green New Deal would also require a radical transformation of the American financial system to finance its ambitious plans.
Rep. Alexandria Ocasio Cortez, D-NY, and Sen. Ed Markey, D-Mass., introduced a resolution outlining a 10-year plan to address climate change that also promised guaranteed jobs to those who want to work, economic security to anyone unwilling to work, and “a just transition for all communities and workers.”
Plan - Means - Cortez - Markey - Admit
The plan is unaffordable under ordinary means, Cortez and Markey admit.
“The level of investment required is massive,” they wrote in a summary of the plan. “Even if every billionaire and company came together and were willing to pour all the resources at their disposal into this investment, the aggregate value of the investments they could make would not be sufficient.”
Plan - Creation - New - Green - Deal
So how would the plan be funded? Through the creation of a New Green Deal financial system.
Cortez and Markey claim, erroneously, that this is no different from the way we paid for “the New Deal, the 2008 bank bailout and extended quantitative easing programs. The same way we paid for World War II and all our current wars.”
Fact - Bank - Bailouts - Money - Congress
In fact, the 2008 bank bailouts were paid through by money appropriated by Congress that came from the U.S. Treasury’s general fund. The New Deal was not financed by the credit extended directly from the Federal Reserve. Neither was World War II or any subsequent war. The costs of these added to the U.S. deficit and were financed through government issuing bonds to investors.
Alone among Cortez and Markey’s examples, quantitative easing involved direct Federal Reserve investments. But the Federal Reserve did not finance particular projects, individuals, corporations, or banks through quantitative easing. Instead, it purchased bonds issued by the U.S. Treasury or backed by Ginnie...
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