The scheme will cause gas and electricity prices to skyrocket - to the immediate benefit of the big private energy conglomerates (thus setting them up for further demonization, and the next round of nationalization). By triggering a massive inflation of energy prices, it will do most harm to those on fixed incomes - to the poor and the elderly most of all. Like all such gargantuan schemes, it will create a circus of fraud and corruption. And yet, at the end of the day, it will have no significant impact on the environment.P.S. Crain's: Local winners and losers. Carbon trading is sure to be a scam. Stop this bill in the Senate. 50 ways to ditch this loser.
More: Tax Foundation tuneful video on the cost of cap and trade. Calculate your cap and trade cost here.