Originally posted on Watts Up With That?:
A couple of weeks ago I appeared before the California State Assembly and told legislators that the cost of the State’s cap-and-trade legislation, which comes into full effect in August this year, will be $450 billion over a decade.
This was a deliberate underestimate. I bent over backward to see whether the Californian proposal could ever make any economic sense. The results, when I ran them through my simple model, confirmed what many have long suspected but few have calculated until now: that attempting to mitigate our sins of emission is one of the most cost-ineffective wastes of taxpayers’ money ever devised.