McCain's world

From here, entitled "I'm Always for Less Regulation":

Q: You and Sen. Joseph Lieberman have long pushed for a cap-and-trade system to combat global warming. Auctioning emission permits, as you bill would do, could raise huge amounts of revenue, similar to a tax. What would you use the money for?

[McCain]:I hear this interesting argument that somehow this would cost more money to our economy. I am absolutely convinced that innovation, technology, and using the entrepreneurship of America will come up with technologies which will save money, be a boon to our economy, and clean up our environment.

From here:

Sen. McCain's biggest regulatory effort is likely to come in the field of climate change. Along with independent Connecticut Sen. Joseph Lieberman, who was then a Democrat, Sen. McCain introduced the earliest version of a cap-and-trade system in 2003, and the pair have refined their ideas since. Under their plan, the government sets emissions goals. Companies that can't meet their targets must buy permits to produce carbon dioxide, either from companies that produce less CO2 than they are permitted, or from the government.

The system may require a large regulatory apparatus. In the latest McCain-Lieberman version, the government would auction off carbon-emission permits. According to Harvard economist Robert Stavins, such sales could raise $50 billion to $100 billion a year.

An Energy Department analysis says Sen. McCain's plan raises energy prices so much that it would reduce economic growth.

"I hear this interesting argument that somehow this would cost more money to our economy," says Sen. McCain. But, "I am absolutely convinced that innovation, technology, and using the entrepreneurship of America will come up with technologies which will save money, be a boon to our economy, and clean up our environment." He's unlikely to get much argument on this from his Democratic opponents; Sens. Obama and Clinton co-sponsored Sen. McCain's legislation.