Environmental activists who favor anti-global warming regulations like the Waxman-Markey cap-and-trade bill now before the U.S. Senate have long claimed that government intervention is essential to save the planet from an imminent man-made catastrophe. In fact, only Waxman-Markey threatens to be a man-made catastrophe. The bill would create billions of dollars’ worth of government credits to businesses that reduce carbon emissions. Businesses that exceed the required reductions could sell the credits to firms that fail to do so. The approach won’t work because it would use a government mandate to create a market for which there is no consumer demand.

Since the American economy is mainly powered by energy produced from carbon fuels and will be for the foreseeable future, reducing carbon emissions requires slowing or eliminating economic growth, with the result that 2 million more Americans will become unemployed by 2012, according to an analysis by the conservative Heritage Foundation. Similarly, the Brookings Institution — certainly no sentinel of rightward analysis — also predicts dire economic results from Waxman-Markey.