Cap and Redistribute - WSJ.com
The Group of Eight may be waking up to the cost of fighting global warming, but in Australia, the opposite is happening. Prime Minister Kevin Rudd has promised to implement an emissions trading scheme by 2010, claiming it would be "reckless not to act." Rhetoric aside, Mr. Rudd just wants to do what every Labor pol likes: tax industry and redistribute the proceeds, at huge cost to the economy.
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