On Fox, former Bain Capital director claims the Green New Deal will plunge us into “a bigger recession than we saw from the financial crisis”

From the February 8 edition of Fox Business' Varney & Co.:

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STUART VARNEY (HOST): All right let's get to -- because I like this story, the Democrats Green New Deal. Joining us Ed Conard, a former Bain Capital managing director. OK, right from the top here's my opinion: trillions in new taxes, the abandonment of fossil fuels, bankrupts the country. Where am I going wrong? 

EDWARD CONARD (FORMER BAIN CAPITAL): I don't think you're going wrong, I agree with that. I think if you try to take it serious, and it's difficult to take it serious, I think the first is it would plunge us into a deep recession, put a lot of people out of jobs -- probably a bigger recession than we saw from the financial crisis, and if we got through that, we'd end up with an economy with very high cost energy, much slower growth -- we'd have a difficult time paying for anything, retirees, Medicare, you name it -- it'd be difficult to pay workers the wages that they've been receiving presently, and I think Chinese growth would look a lot more threatening with the United States growing more slowly. 

VARNEY: Fair point. I mean, Ocasio-Cortez believes that the world comes to an end in 12 years time if we don't do something dramatic about it. So she's placing the future of the country on this bet that it's all over in 12 years. You've got to do this or we get that. I think that's a false premise. 

CONARD: I think I passed a guy on the street on the way here who had the same premise, the world is going to end tomorrow.  

VARNEY: Oh he's got a sign out there?

CONARD: Look it, I think when the world ends tomorrow you'd a real high discount rate, I think you're willing to do pretty much anything aren't you? That's sort of a ridiculous point of view because we're all thinking about a much longer term future than that. 


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