WASHINGTON, DC—The Green New Deal Resolution proposed back in February may have had lawmakers on both sides of the aisle raising eyebrows, but a recent announcement from the Democratic Party adapts it into what some are calling an “overbearing” and “wholly unnecessary” resolution. Democrats in Washington announced plans last week to modify the New Green Deal Initiative so that individual income taxes are maximized while benefits of any sort are minimized.
Senator Ed Markey (D-MA) explained that, despite a Republican majority in the senate, it’s important to the party that they brandish all the authority that they can with their control of the House of Representatives. As he has said, “We’re raising taxes just to show that we can; there’s no need to worry about Modern Money Theory, debt, or any issue for that matter.” Markey explained further that the funds are guaranteed not to go toward the national debt, social programs, or, apparently, anything in particular. However, other members of Democratic leadership have stated explicitly that they are fine with spending funds to print more money and force it into circulation. Even if the funds gathered were simply destroyed or otherwise removed from circulation, that would in theory increase the buying power of the dollar. Nevertheless, Democratic lawmakers are adamant that at least as much money enter circulation as would be taken out. Analysts believe that this will lead to hyperinflation, though the freshman senator Alexandria Ocasio-Cortez has reassured them with words such as, “Got to waste money to make money.”
As to how the process will be accomplished, Ocasio-Cortez elucidated that the 99% of Americans who earn the least will pay a 99% income tax rate; the numbers are fair or equivalent, she claimed. If all goes according to plan, the Federal Reserve will increase the reserve requirements of banks so that there is more money held in circulation against bank account deposits. Democrats also want the government to buy back all government bonds, thereby showering securities dealers with cash and further increasing the money in circulation.
Senator Markey concluded the announcement by saying, “The Green New Deal isn’t about helping anything or anyone specifically or generally. The ‘Green’ in the name refers to the money; after all, it’s always been more about the currency than any sort of environmental impact.”