Cap-And-Trade Folly

IBD ^ | May 15, 2008

[Kaslin]

Climate Change: Legislation pending in the Senate might warm environmentalists' hearts, but not because of potential cuts in carbon emissions. Their interest is in the heavy economic costs the plans would inflict.

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Each bill uses the cap-and-trade scheme to control carbon dioxide emissions. Each establishes limits, then prescribes how to distribute or sell to the private sector the rights to emit specific amounts of greenhouse gases under the cap.

The bill sponsored by Sens. Jeff Bingaman, D-N.M., and Arlen Specter, R-Pa., is the least egregious. It would force greenhouse gas emissions to be cut to about 3% below last year's level.

The others, one from Sen. Joe Lieberman, the Independent from Connecticut, and Arizona Republican Sen. John McCain, another from Lieberman and Sen. John Warner, Republican of Virginia, are more draconian. The former would cut emissions to 16% below the 2007 output, the latter 44%.

None would affect climate change. All, however, would carry heavy economic losses. Naturally, the environmentalists, having pushed the environment down their list of concerns, like that.

It's no surprise that the most expensive of the three is the Warner-Lieberman bill. The Environmental Protection Agency reckons it could cost as much as $3 trillion a year in lost GDP. In an economy of roughly $14 trillion, that's a significant loss.

[jdsteel]

I AM concerned about Global Warming. I am concerned that this pernicious plan to control the politics and wealth of the most powerful country in the history of the world is based on junk science and yet, it has become so pervasive.

[steelyourfaith]

 

Beam me to Planet Gore !

[VRWC For Truth]

Vote these pompous windbags out.

[Entrepreneur]

Vote these pompous windbags out.

And vote for whom?

Our choices are McCain or Obama/Clinton? Either way, Marx wins.