Sunday, July 12, 2009

Fatally Flawed

The climate course set by Waxman-Markey is a disaster course. This bill is an astoundingly inefficient way to get a tiny reduction of emissions. It's less than worthless, because it will delay by at least a decade starting on a path that is fundamentally sound from the standpoints of both economics and climate preservation. And we don't have a decade to waste.

Check this out, from a web site that advocates solid direct taxation of carbon.

"By any measure, the bill would do little to address the climate challenge. For example, the International Panel on Climate Change figures that the United States will have to reduce its greenhouse gas emissions by 2025 to 25 percent less than in 1990. The official line is that the bill would cut emissions in 2020 to 17 percent less than 2005 levels — and that comes to just 3 percent less than the 1990 levels. Moreover, the actual reductions would be even less: Greenpeace has calculated that because the bill provides “offsets” to power companies and energy–intensive industries — letting them emit more greenhouse gases so long as they take “offsetting” steps such as planting trees — its actual caps “could be met without any reduction in fossil fuel emissions for more than 20 years.”

and this, from a recent post on Huffington:

For all its "green" aura, Waxman-Markey locks in fossil fuel business-as-usual and garlands it with a Ponzi-like "cap-and-trade" scheme. Here are a few of the bill's egregious flaws:
  • It guts the Clean Air Act, removing EPA's ability to regulate CO2 emissions from power plants.
  • It sets meager targets -- 2020 emissions are to be a paltry 13% less than this year's level -- and sabotages even these by permitting fictitious "offsets," by which other nations are paid to preserve forests - while logging and food production will simply move elsewhere to meet market demand.
  • Its cap-and-trade system, reports former U.S. Undersecretary of Commerce for Economic Affairs Robert Shapiro, "has no provisions to prevent insider trading by utilities and energy companies or a financial meltdown from speculators trading frantically in the permits and their derivatives."
  • It fails to set predictable prices for carbon, without which, Shapiro notes, "businesses and households won't be able to calculate whether developing and using less carbon-intensive energy and technologies makes economic sense," thus ensuring that millions of carbon-critical decisions fall short.
Bottom line is we're dooming our kids and ourselves. And there's not much that can be done. The worst kind of government possible when there's a genuine crisis like climate change is an oligarchical system such as ours, or if you prefer the so-called democracy in the US that can ignore 70 percent majorities among the people so the porcine capitalistic system can continue to devour us all. The first thing to always ask about anything passed by Congress is who benefits. I think you can guess on this bill. It will be the same with health care reform.
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