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Series | Part 1: This Radical Plan to Fund the ‘Green New Deal’ Just Might Work

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/ Democrat Alexandria Ocasio-Cortez is part of a group of Congress members pushing for a "Green New Deal." (Charles Krupa / AP)

  • The Public Bank Option: The Precedent of Roosevelt’s New Deal
  • Related: What’s the ‘Green New Deal’? The surprising origins behind a progressive rallying cry.

Ellen Brown, Truthdig
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December 16, 2018 | With what author and activist Naomi Klein calls “galloping momentum,” the “Green New Deal” promoted by Rep.-elect Alexandria Ocasio-Cortez, D-N.Y., appears to be forging a political pathway for solving all of the ills of society and the planet in one fell swoop. Her plan would give a House select committee “a mandate that connects the dots” between energy, transportation, housing, health care, living wages, a jobs guarantee and more. But even to critics on the left, it is merely political theater, because “everyone knows” a program of that scope cannot be funded without a massive redistribution of wealth and slashing of other programs (notably the military), which is not politically feasible.

That may be the case, but Ocasio-Cortez and the 22 representatives joining her in calling for a select committee also are proposing a novel way to fund the program, one that could actually work. The resolution says funding will come primarily from the federal government, “using a combination of the Federal Reserve, a new public bank or system of regional and specialized public banks, public venture funds and such other vehicles or structures that the select committee deems appropriate, in order to ensure that interest and other investment returns generated from public investments made in connection with the Plan will be returned to the treasury, reduce taxpayer burden and allow for more investment.”
 

http://evergreenedigest.org/sites/default/files/Ellen%20Brown_0.jpg / Ellen Brown is an attorney, chairman of the Public Banking Institute, and author of twelve books including "Web of Debt" and "The Public Bank Solution."

Full story ...

Related:

What’s the ‘Green New Deal’? The surprising origins behind a progressive rallying cry. Alexander C. Kaufman, Grist

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  • “The Green New Deal we are proposing will be similar in scale to the mobilization efforts seen in World War II or the Marshall Plan,” Alexandria Ocasio-Cortez, the Democratic Socialists of America US representative of a working-class Bronx and Queens district in New York City said by email. “It will require the investment of trillions of dollars and the creation of millions of high-wage jobs. We must again invest in the development, manufacturing, deployment, and distribution of energy but this time green energy.”
     

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