Liberals Blowing Smoke and Breaking Windows

Senator Kirsten Gillibrand, Democrat of New York, used a Wall Street Journal article to extol the virtues of carbon trading to her Wall Street constituents: 

According to financial experts, carbon permits could quickly become the
world's largest commodities market, growing to as much as $3 trillion
by 2020 from just over $100 billion today. With thousands of firms and
energy producers buying and selling permits to emit carbon, transaction
fees for exchanges and clearing alone could top nearly half a billion
dollars.

That $3 Trillion Will Come Out Of Our Pockets

What's good for Wall Street is bad for Main Street.  It takes carbon to heat our homes and bring consumer goods to the store. We will end up footing the bill for these transaction fees as businesses pass these Wall Street costs onto us in the form of higher light bills and rising retail prices. 



Liberals are Economically Ignorant

Gillibrand and her economically-ignorant fellow Democrats have fallen for the broken window fallacy.  Cap and Trade creates no new wealth.  Rather, it destroys wealtht through regulatory compliance costs and transaction fees.



About - Economics

WSJ - Gillibrand