Cap and Trade = Tax and Spend
Shikha Dalmia, a policy analyst for Reason Foundation, the nonprofit that publishes this website, writes in The New York Post:
Cap-and-trade is really just another name for tax-and-spend. Just as tobacco taxes haven't eliminated smoking, a cap-and-trade tax won't eliminate global warming. Even if the bill works exactly as promised, it would cut global CO2 concentration by only 4 percent, which wouldn't produce even a measurable drop in temperatures.
A few weeks back, Dalmia wrote about China and the Olympics for Business Week. Here's a snippet of that:
China-bashers believe that allowing China to own U.S. government debt is tantamount to putting a nuclear bomb in its hands: All that Beijing needs to do is dump U.S. bonds. This will crash the U.S. dollar, especially now, when it is already in a weakened state, making it useless as the world's reserve currency, the main source of America's status as the world's economic superpower.
But should China attempt to detonate this bomb, its own economy would be buried under debris long before America even heard the explosion.