U.S. Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey are calling for a “Green New Deal” that would involve massive government spending to shift the U.S. economy away from its reliance on carbon.
Their congressional resolution goes into great detail about the harms of climate change and what the U.S. government should do about it. Left unanswered, however, is how America would pay for it.
Some commentators have been calling a Green New Deal unaffordable, with some estimates putting the bill for complete decarbonization at as high as US$12.3 trillion.
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