Cap, Trade & Theft

The Governor of Indiana, Mitch Daniels, sees cap and trade as a means for left wing states to steal from the rust belt in order to prop up their bloated social programs.
This from Gov. Daniels writing in the WSJ:

This week Congress is set to release the details of the Waxman-Markey American Clean Energy and Security Act, a bill that purports to combat global warming by setting strict limits on carbon emissions. . . . [I]t's clear to me that the nation, and in particular Indiana, my home state, will be terribly disserved by this cap-and-trade policy on the verge of passage in the House.

The largest scientific and economic questions are being addressed by others, so I will confine myself to reporting about how all this looks from the receiving end of the taxes, restrictions and mandates Congress is now proposing.

Quite simply, it looks like imperialism. This bill would impose enormous taxes and restrictions on free commerce by wealthy but faltering powers -- California, Massachusetts and New York -- seeking to exploit politically weaker colonies in order to prop up their own decaying economies. Because proceeds from their new taxes, levied mostly on us, will be spent on their social programs while negatively impacting our economy, we Hoosiers decline to submit meekly.

The Waxman-Markey legislation would more than double electricity bills in Indiana. Years of reform in taxation, regulation and infrastructure-building would be largely erased at a stroke. In recent years, Indiana has led the nation in capturing international investment, repatriating dollars spent on foreign goods or oil and employing Americans with them. Waxman-Markey seems designed to reverse that flow. "Closed: Gone to China" signs would cover Indiana's stores and factories.

Our state's share of national income has been slipping for decades, but it is offset in part by living costs some 8% lower than the national average. Doubled utility bills for low-income Hoosiers would be an especially cruel consequence of the Waxman bill. Forgive us for not being impressed at danglings of welfare-like repayments to some of those still employed, with some fraction of the dollars extracted from our state.

And for what? No honest estimate pretends to suggest that a U.S. cap-and-trade regime will move the world's thermometer by so much as a tenth of a degree a half century from now. My fellow citizens are being ordered to accept impoverishment for a policy that won't save a single polar bear. . . .

Our president has commendably committed himself to "government that works." But his imperial climate-change policy is government that cannot work, and we humble colonials out here in the provinces have no choice but to petition for relief from the Crown's impositions.

Well said, sir. Read the entire article. Yet another reason cap and trade is just a horrendous policy. Plus there's this.