Feldstein: Cap-and-Trade: All Cost, No Benefit

WASHINGTON POST, 6/1/2009 by Martin Feldstein - The Obama administration and congressional Democrats have proposed a major cap-and-trade system aimed at reducing carbon dioxide emissions. Scientists agree that CO2 emissions around the world could lead to rising temperatures with serious long-term environmental consequences. But that is not a reason to enact a U.S. cap-and-trade system until there is a global agreement on CO2 reduction. The proposed legislation would have a trivially small effect on global warming while imposing substantial costs on all American households. And to get political support in key states, the legislation would abandon the auctioning of permits in favor of giving permits to selected corporations. Read more at the Washington Post...

Hat tip: John H. Detweiler
John says, "It may be all cost and no benefit but it is politically correct. Besides, it make us feel good."