While campaigning in San Francisco in early 2008 during the Democratic primaries, Barack Obama got a little too candid. “So if somebody wants to build a coal-powered plant, they can,” he opined to the San Francisco Chronicle editorial board. “It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.”
Waxman-Markey: Never Forget
Elected, President Obama tried to keep his promise by way of the American Clean Energy and Security Act of 2009 (aka Waxman-Markey, H.R. 2454), which narrowly passed the House in June 2009 by a vote of 219 to 212.
Among the many features in the 1,437-page bill, cap-and-trade of carbon dioxide (CO2) emissions was designed to price (cap-and-tax, to critics) and thus reduce such emissions down to 17 percent of the 2005 level by 2050.…