The Wall Street Journal's editorial in last Monday's edition, entitled "Cap and Spend," pretty thoroughly eviscerated Barbara Boxer's Senate carbon bill. It's notionally authored by Lieberman and Warner, but Boxer is said to be real driver behind it.
Perhaps the saddest aspect of the legislation is not even its grotesque misrepresentation of the bill as doing 'something' about carbon and global warming, never mind the bad science on that.
No, it's Congress creating an immense $3Trillion slush fund to use to reward some interest groups, and punish others. This is a mind-boggling sum which voters truly do not yet fully comprehend.
Since the carbon permits and capping don't have any solid basis in their origin, this, of course, invites large amounts of corruption and undue influence to favor various groups. And other taxes aren't being cut to offset this magical new tax on a heretofore simple energy/raw material business input.
One of the more hilarious Senate inclusions, which I saw lamely defended on CNBC last week, is $190B for 'green collar jobs.'
When asked if the Senate was now in the business of job creation, whichever Senator Foghorn was speaking began to sputter and insisted that these jobs were necessary to offset the ones they'd kill with this enormous tax.
Fortunately, George Bush will veto this green pork bill.
And, as much as I respect Joe Lieberman for some things, he lost a lot of that when, in reply to criticism for it being such a bad bill, he replied, to paraphrase,
'That's okay. It doesn't really take effect until 2012!'
Great. Bad legislation is okay if it's delayed sufficiently for everyone to forget what a major error it will be.
God deliver us from Congress- both parties!
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