Biden Energy Plan: $841 Billion in Broken Windows

Biden's energy policy will destroy a massive amount of wealth.

NRPLUS MEMBER ARTICLE T he U.S. sits on $5 trillion of wealth in the form of fossil-fuel reserves. But President-elect Biden promises to “transition” these deposits out of the U.S. economy. This agenda would, by design, decrease the economic value of fossil-fuel deposits. But how much of this $5 trillion portfolio, exactly, would be wiped out by the implementation of a Biden energy agenda?

Some former colleagues of mine from the White House Council of Economic Advisers have a partial answer. They modeled the impact of Biden’s plan for 80 percent of American electricity generation to come from sources that do not emit carbon by

Joseph W. Sullivan served at the White House Council of Economic Advisers as the special adviser to the chairman, as well as a staff economist, from 2017 to 2019.