Friday, June 06, 2008
This bill is so horrible, I don't even know where to begin. It would shave a point or two off GDP. It would jack up energy prices. It would result in a massive expansion of government regulation of the economy. It would lead to thousands of Jack Abramoffs- as people compete for free carbon-credits. It would result in trillions of dollars flowing into the Treasury, open to all sorts of abuse. Oh, and it would have no effect on global warming.
Instead of hiding behind a bureaucratic cap- and trade farce, how about a simple carbon tax that would be revenue neutral? Every dollar that comes in would be offset by a reduction in payroll or corporate taxes.