FLASH: Larry Kudlow: ‘The Green New Deal Will Literally Destroy the Economy”
White House economic adviser Larry Kudlow warns that Democrats proposing to overturn The Trump Administration’s success by offering socialist policies will derail economic growth.
“I do notwant us to stand idly. I don’t want to let this stuff fester. I want it challenged, I want it debated, I want it rebutted and I want to convict socialism,” the veteran financial guru said at at the Conservative Political Action Conference, an annual political gathering of Republicans near Washington, DC.
Mr. Kudlow cautioned against proposed Democratic Party programs such the Green New Deal, a sweeping plan to combat climate change advocated by US Representative Alexandria Ocasio-Cortez (D-NY) and others.
The plan, which aims to slash US carbon dioxide emissions to negligible levels in a decade.“will literally destroy the economy,” Mr. Kudlow said.
The deal “will knock out energy, transportation, airlines, jobs, businesses. We’ll probably lose 10 to 15% of our GDP. It is remarkable.” He likened the deal to socialism and called for the American people to “put socialism on trial and convict it.”
The plan proposes, “providing all people of the United States with — (i) high-quality health care; (ii) affordable, safe, and adequate housing; (iii) economic security; and (iv) access to clean water, clean air, healthy and affordable food, and nature.”
The deal proposes “guaranteeing a job with a family-sustaining wage, adequate family and medical leave, paid vacations, and retirement security to all people of the United States.”
The document marks the 1st formal attempt by lawmakers to define legislation to create big government-led investments in clean energy, infrastructure and social programs. The goal is to transition the US economy away from burning fossil fuels and emitting greenhouse gasses blamed for climate change, rising sea levels and severe storms.
The initiative was 1st messaged by Ms. Ocasio-Cortez and Senator Edward Markey (D-MA). The initiative has the backing of most all the Democrats declared as candidates seeking for the party’s nomination in the 2020 Presidential election.
Mr. Kudlow said universal healthcare and ending private insurance were also “crazy ideas,” citing high costs. He said, “guaranteed jobs, free to those who do not want to work, probably cost $45-T.”
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