The Big Chill

The Big Chill - WSJ.com

The core of the Boxer-Lieberman-Warner legislation is that an expanded government, not the market economy, must control our society. The U.S. Chamber of Commerce has produced a chart--click here to see it--showing that the bill "contains over 300 regulations and mandates," each of which must go through a federal regulatory process.

The bill does focus on some global warming objectives--although it is an America-only program estimated to lower global CO2 emissions only by about 1.4%--but it is less about that and more a step towards traditional socialism. The government would take control of our economy and regulate everything from electricity, oil and gas to imported shoes, our food, how high we may set our thermostats, and what kinds of light bulbs we may use. The EPA and the Energy Information Agency predict such controls would reduce GDP by "as much as seven percent (over $2.8 trillion) by 2050 and reduce U.S. manufacturing output by almost 10 percent by 2030."