CNSNews.com - Environmentalists Say ‘Cap-and-Trade’ Is Designed to Drive up Energy Costs and Redistribute Wealth

(CNSNews.com) - President Obama’s “cap and trade” plan to reduce greenhouse gas emissions is specifically designed to drive up energy prices and redistribute wealth, according to a coalition of environmental, union, and liberal activist groups that is pushing for Congress to enact the proposal this year.

The plan would also redistribute wealth by taking revenue earned by the government in auctioning off carbon-emission permits and giving some of it in rebates to lower income households to offset the increased energy prices they would pay. The rest of the revenue would be used to subsidize the development of alternative “green” energy sources.