ENVISIONING THE FUTURE
How to Pay for the Green New Deal
To understand the GND, we must understand (1) the severity of the climate crisis, (2) how the federal government has paid for every massive spending project, from WWII to the CARES Act of 2020, (3) the severity of the wealth and equality gap.. . . . . .
Many people think of our federal budget as if it were a giant family budget, and money as a limited physical pile of dollar bills, coins, or gold. The Federal Government doesn't operate that way. When households don't have enough money to pay the rent or buy groceries, they must get another job or take out a loan (complete with acquiring a debt with interest that must be paid back). So it is natural to think that all the money the federal government spends comes from taxes that must be raised. However, Congress has the power of the purse and can create money in the face of an emergency or war.
Following are sources that explain in greater detail.
GND explained (7.5 min Vox video)
How to Pay for the Green New Deal w/ Economist Yeva Nersisyan (15 min. video)
Naomi Klein: The Case for a Green New Deal (25 min. video)
Dr. Fadhel Kaboub (Dennison University) A New Way Forward (~30 video presentation, plus 30 min. Q & A)
Modern Monetary Theory (Wikipedia)