The cap-and-trade carbon rationing proposal just introduced in Congress aims to address the problem of man-made global warming. Proponents claim that it will also "create jobs by spurring investment in renewables and efficiency." Not so, says Science Correspondent Ronald Bailey. The cap-and-trade scheme functions like a tax, which even the head of President Obama's Council of Economic Advisors says will reduce economc growth. And reduced economic growth means fewer jobs, not more.
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