Industry News

7.2.2009

WSJ: The Cap and Tax Fiction

House Speaker Nancy Pelosi has put cap-and-trade legislation on a forced march through the House, and the bill may get a full vote as early as Friday. It looks as if the Democrats will have to destroy the discipline of economics to get it done.

Despite House Energy and Commerce Chairman Henry Waxmans many payoffs to Members, rural and Blue Dog Democrats remain wary of voting for a bill that will impose crushing costs on their home-district businesses and consumers. The leaderships solution to this problem is to simply claim the bill defies the laws of economics.

http://online.wsj.com/article/SB124588837560750781.html