May 13, 2008
Cap'n Trade
The Wall Street Journal Ed Page nails all the failings of Senator McCain's proposed Cap and Trade program for carbon credits:
The problem is that once government creates an artificial scarcity of carbon, how the credits are allocated creates a huge new venue for political rent-seeking and more subsidies for favored industries. Some businesses will benefit more than others, in proportion to their lobbying influence and how well they're able to game the Beltway. Congress itself will probably take the largest revenue grab, offering itself a few more bites out of the economy and soaking politically unpopular businesses.
Where I am not sure they are right is the politics:
But he will never be green enough for the climate-change fundamentalists. The Obama campaign and Democrats were already dinging Mr. McCain yesterday for half-measures. His concessions won't help him much in November, but they will make his governing decisions in 2009 that much more difficult if by some chance he does win.
My YouTube question for the GOP Debate was to ask which, if any, of the candidates would stand up and say that climate change is not sufficiently proven to threaten disruption of the energy markets. I was looking for somebody brave enough to say that it might be "hooey."
But we have the best candidate for 2008. I sure wish Senator McCain would propose something less intrusive than C&T, but I will concede that the "denier" I was looking fir would not have a chance in this "tick! tick! tick!" climate. It's Game Over and we have lost. I'd rather elect a free trader even if he is badly misguided on this issue.
Just when I was starting to warm up to McCain, he pulls this loo-loo (pun intended). I was thinking, "Wow, we can really draw a stark contrast against Obama based on policy, because we sure aren't going to win on personality." It's a small consolation to realize that I was half-right.
Posted by: Boulder Refugee at May 13, 2008 1:36 PMIt's real bad, br, I cannot dress this pig up. But, as Larry said, we all knew it was coming. It will be hard to stay enthusiastic this fall, but it is worth it for free trade and the continued existence of Israel.
Posted by: jk at May 13, 2008 4:48 PM | What do you think? [2]