THE Senate takes up the Climate Security Act this week. At its heart is the hot new anti-glob al-warming scheme, known as "cap and trade," which John McCain and Barack Obama have both embraced. But the only thing it will cool is the US economy.
In effect, the bill would impose an average of more than $80 billion in new energy taxes every year. It would also turn carbon dioxide into the new tobacco - a "vice" that Uncle Sam feeds off in the name of combating.
The bill aims to gradually cut US emission of greenhouse gases by 2050, to 60 to 65 percent below 2005 levels. (Both McCain and Obama favor even deeper cuts.) That's an even more ambitious goal than the one in the 1997 Kyoto Treaty, which the Senate condemned 95-0, as far too burdensome for the US economy.