Cap and Trade is a License to Cheat and Steal

One of James Bond’s first movies captured attention with the title “License to Kill.” Today, Washington, D.C., is setting the stage to compete with Hollywood in the sensational headlines market. Members of the House Energy and Commerce Committee are in the process of scripting climate change legislation worthy of being titled “License to Cheat and Steal.”

This cap-and-trade bill — actually called the American Clean Energy and Security Act of 2009, or the Waxman-Markey bill — would mandate severe reductions in U.S. greenhouse gas emissions. Since emissions are mostly generated by energy use (heating your home, cooling your groceries, driving to work, etc.), these targets would effectively mandate energy rationing. Since these targets are not based on economic or technological realities, there can only be one outcome: much higher energy prices.

Severe limitations on emissions could easily turn well-intentioned policy into an opportunity for shady moneymaking schemes at the expense of the environment and American households.

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