Graham Rankin sent us this article via Twitter (follow IWF here). The United States obviously doesn’t exist in a bubble, so it’s important to look at the global scene when talking about the American economy and energy policy. When you do that with cap and trade, the picture gets fairly depressing:
If all the global warming hype is false, we are regulating ourselves to death for nothing. Cap and trade will deliver a severe blow to the American economy, leaving the U.S. at a competitive disadvantage globally.
But even if the global warming hype is true, cap and trade doesn’t leave the environment any better off. It would simply encourage business to move to other countries (where they are free to emit as much carbon as they like) to escape American regulations.
Either way, we lose. And Congress thinks this is a good idea, why?