There was an interesting back and forth yesterday over at the Corner on McCain’s global warming policy. McCain backs a “cap-and-trade” system for carbon emissions rather than a direct tax, and Ramesh Ponnuru writes:
Jonathan Adler responds:
I have to agree with Adler. This debate between direct taxation and cap-and-trade has had the unexpected effect of putting serious environmentalists on the same side of the issue as more conservative economists. The New York Times reported on this unholy alliance back in November:
There’s no reason to think that McCain position on global warming is anything but sincere. But his commitment to cap-and-trade, which would obscure the cost to consumers and be a windfall for the lobbyists and accountants that can help large corporations rig the system in their favor, makes him out of step on this issue not just with Republicans, but with basic conservative principles.
