Best of the Week
Most Popular
1. Gold vs Cash in a Financial Crisis - Richard_Mills
2.Current Stock Market Rally Similarities To 1999 - Chris_Vermeulen
3.America See You On The Dark Side Of The Moon - Part2 - James_Quinn
4.Stock Market Trend Forecast Outlook for 2020 - Nadeem_Walayat
5.Who Said Stock Market Traders and Investor are Emotional Right Now? - Chris_Vermeulen
6.Gold Upswing and Lessons from Gold Tops - P_Radomski_CFA
7.Economic Tribulation is Coming, and Here is Why - Michael_Pento
8.What to Expect in Our Next Recession/Depression? - Raymond_Matison
9.The Fed Celebrates While Americans Drown in Financial Despair - John_Mauldin
10.Hi-yo Silver Away! - Richard_Mills
Last 7 days
Coronavirus China Infection Statistics Analysis, Probability Forecasts 1/2 Million Infected - 21st Feb 20
Is Crude Oil Firmly on the Upswing Now? - 20th Feb 20
What Can Stop the Stocks Bull – Or At Least, Make It Pause? - 20th Feb 20
Trump and Economic News That Drive Gold, Not Just Coronavirus - 20th Feb 20
Coronavirus COVID19 UK Infection Prevention, Boosting Immune Systems, Birmingham, Sheffield - 20th Feb 20
Silver’s Valuable Insights Into the Upcoming PMs Rally - 20th Feb 20
Coronavirus Coming Storm Act Now to Protect Yourselves and Family to Survive COVID-19 Pandemic - 19th Feb 20
Future Silver Prices Will Shock People, and They’ll Kick Themselves for Not Buying Under $20… - 19th Feb 20
What Alexis Kennedy Learned from Launching Cultist Simulator - 19th Feb 20
Stock Market Potential Short-term top - 18th Feb 20
Coronavirus Fourth Turning - No One Gets Out Of Here Alive! - 18th Feb 20
The Stocks Hit Worst From the Coronavirus - 18th Feb 20
Tips on Pest Control: How to Prevent Pests and Rodents - 18th Feb 20
Buying a Custom Built Gaming PC From Overclockers.co.uk - 1. Delivery and Unboxing - 17th Feb 20
BAIDU (BIDU) Illustrates Why You Should NOT Invest in Chinese Stocks - 17th Feb 20
Financial Markets News Report: February 17, 2020 - February 21, 2020 - 17th Feb 20
NVIDIA (NVDA) GPU King For AI Mega-trend Tech Stocks Investing 2020 - 17th Feb 20
Stock Market Bubble - No One Gets Out Of Here Alive! - 17th Feb 20
British Pound GBP Trend Forecast 2020 - 16th Feb 20
SAMSUNG AI Mega-trend Tech Stocks Investing 2020 - 16th Feb 20
Ignore the Polls, the Markets Have Already Told You Who Wins in 2020 - 16th Feb 20
UK Coronavirus COVID-19 Pandemic WARNING! Sheffield, Manchester, Birmingham Outbreaks Probable - 16th Feb 20
iShares Nasdaq Biotechnology ETF IBB AI Mega-trend Tech Stocks Investing 2020 - 15th Feb 20
Gold Stocks Still Stalled - 15th Feb 20
Is The Technology Stocks Sector Setting Up For A Crash? - 15th Feb 20
UK Calm Before Corona Virus Storm - Infections Forecast into End March 2020 - 15th Feb 20
The Growing Weaponization of Space - 14th Feb 20
Will the 2020s Be Good or Bad for the Gold Market? - 14th Feb 20
Predictive Modeling Suggests Gold Price Will Break Above $1650 Within 15~30 Days - 14th Feb 20
UK Coronavirus COVID-19 Infections and Deaths Trend Forecast 2020 - 14th Feb 20
Coronavirus, Powell and Gold - 14th Feb 20
How the Corona Virus is Affecting Global Stock Markets - 14th Feb 20
British Pound GBP Trend and Elliott Wave Analysis - 13th Feb 20
Owning and Driving a Land Rover Discovery Sport in 2020 - 2 YEAR Review - 13th Feb 20
Shipping Rates Plunge, Commodities and Stocks May Follow - 13th Feb 20
Powell says Fed will aggressively use QE to fight next recession - 13th Feb 20
PALLADIUM - THIS Is What a Run on the Bank for Precious Metals Looks Like… - 13th Feb 20
Bitcoin: "Is it too late to get in?" Get Answers Now - 13th Feb 20
China Coronavirus Infections Soar by 1/3rd to 60,000, Deaths Jump to 1,367 - 13th Feb 20
Crude Oil Price Action – Like a Coiled Spring Already? - 13th Feb 20
China Under Reporting Coronavirus COVID-19 Infections, Africa and South America Hidden Outbreaks - 12th Feb 20
Will USD X Decline About to Trigger Precious Metals Rally - 12th Feb 20
Copper Market is a Coiled Spring - 12th Feb 20
Dow Theory Stock Market Warning from the Utilities Index - 12th Feb 20
How to Get Virgin Media Engineers to FIX Hub 3.0 Problems and NOT BS Customers - 12th Feb 20
China Under Reporting Coronavirus COVID-19 Infections by 66% Due to Capacity Constraints - 12th Feb 20
Is Coronavirus the Black Swan That Takes Gold To-Da-Moon? - 12th Feb 20
Stock Market 2020 – A Close Look At What To Expect - 12th Feb 20
IBM AI Mega-trend Tech Stocks Investing 2020 - 11th Feb 20
The US Dollar’s Subtle Message for Gold - 11th Feb 20
What All To Do Before Opening A Bank Account For Your Business - 11th Feb 20
How and When to Enter Day Trades & Swing Trade For Maximum Gains - 11th Feb 20
The Great Stock Market Dichotomy - 11th Feb 20
Stock Market Sector Rotation Should Peak Within 60+ Days – Part II - 11th Feb 20
CoronaVirus Pandemic Stocks Bear Market Risk 2020? - Video - 11th Feb 20

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

How the New “Green Deal” Has Already Worked

Politics / Environmental Issues Mar 07, 2019 - 05:33 PM GMT

By: Rodney_Johnson

Politics If you have assets, income, or both, then you are responsible for every bad thing that has happened in the U.S. But don’t worry! The Green New Deal, co-sponsored by Rep. Alexandria Ocasio-Cortez and Sen. Ed Markey, will give you a chance to fix it.

All you have to do is sign over, well, everything to the central government, which will then use its wisdom to determine how we should live for the foreseeable future so that all outcomes are equalized and no one is left behind.

Good-paying jobs? Check.


Universal healthcare? Of course.

Free education? For everybody!

Pollution? Zero (after 2050).

Respect all indigenous people? You know it.

Consider every single environmental impact for every action ever undertaken? Duh.

After all, it’s your duty…

As you read the Green New Deal proposal, you’ll find that it says it’s not just a good thing to do this, it is the duty of the United States to go down this path.

The document would be laughable except for one thing. Few people are laughing.

More than 600 organizations signed in support of it, and so have dozens of individuals, including many Democratic Presidential hopefuls.

It’s hard to say any of them think this proposal, which is more of a college freshman’s dream or a description of Cuba or Venezuela from the good old days, is realistic, but that’s not the point.

As AOC, as she’s called, explained in her Instagram chat while chopping vegetables, the goal is to move the boundaries of the conversation far enough with the extreme Green New Deal proposals that a carbon tax would look like the moderate option.

America, you just got played…

The Overton Window

AOC and Markey used a tactic that recalls the Overton Window, a reference to a range of scenarios within two extremes that are considered possible.

The goal of the policy conversation isn’t to land on one particular thing, it’s to expand the window one direction so as to put more options on the table.

To be fair, the Overton Window was first described by political scientist Joseph Overton of the conservative Mackinac Center for Public Policy. This sort of gambit has been used by people of all political persuasions, and even parents when dealing with their kids.

The key to the conversation – don’t discuss the alternatives at the other end of the spectrum.

The entire Green New Deal has been priced out at $50 trillion to $90 trillion, but that includes stuff about healthcare, job guarantees, education, etc. Let’s focus on just climate change.

Beyond getting rid of airplanes and cows, the deal to reduce emissions by 40% to 60% by 2030 and completely by 2050 would require spending about $14 trillion, according to numbers from the American Action Forum (give or take a few trillion). That’s about three times the current spending plan of the U.S. government for all of 2019 (I didn’t call it a budget because there’s no balance).

And it won’t work.

It All Means More Taxes

The most generous estimates of how to limit climate change to 1.5 degrees Celsius (beyond which it doesn’t matter because the bad changes will happen anyway) all require nations around the world to participate – here’s looking at you, China and India – and some way to extract carbon from the air on a large scale.

The first one, participation, isn’t happening, and the second, carbon extraction, isn’t technically feasible today.

But forget that. As long as AOC and Senator Markey can make you feel good about reaching a “compromise” position that calls for widespread carbon taxes instead of these extreme measures, then hey, they’ve succeeded.

The carbon tax is just the tip of the melting iceberg. If that gets through, you can bet we’ll hear demands for all sort of other taxes to pay for all the “free” stuff. It’s amazing how things called “free” by the government end up being so expensive for taxpayers.

And of course, if the Intergovernmental Panel on Climate Change (IPCC) is correct on our changing planet, a carbon tax won’t do a thing to keep temperatures below 1.5 degrees Celsius. The changes brought about by such a tax would be a drop in the proverbial bucket. But they will take more assets from us and put them in the hands of the central government, which is clearly staffed by people who are smarter than us and know more than we do.

Notice something interesting…

Notice that Miami doesn’t show up in the national conversation. The residents of Miami aren’t waiting for some proposal on high. They passed an infrastructure funding plan and have begun to work on shoring up their town (pun intended) against the potential of rising sea levels.

But we can’t discuss mitigating the effects of climate change instead of fighting to eliminate rising temperatures in the first place, because that would be opening Overton’s Window the other direction and ruin the current narrative and take money away from the central government.

I can’t imagine a single national politician signing on to such a plan. What do you think about the Green New Deal? Good? Bad? Otherwise? Email me at economyandmarkets@dentresearch.com.

Rodney Johnson

Follow me on Twitter ;@RJHSDent

By Rodney Johnson, Senior Editor of Economy & Markets

http://economyandmarkets.com

Copyright © 2019 Rodney Johnson - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Rodney Johnson Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules