In addition to some of the overlooked economic effects of a cap and trade system, or some of the overlooked benefits a warmer climate would entail, Washington seems to be overlooking the effects Waxman’s cap and trade energy bill. Instead of being a market based method of controlling externalities, it has many federal controls that are not well known– perhaps this has something to do with Washington not thinking it is important to read bills before voting on them. The Washington Post reports:
…[T]he bill also contains regulations on everything from light bulb
standards to the specs on hot tubs, and it will reshape America’s
economy in dozens of ways that many don’t realize.
Here is just one: The bill would give the federal government power
over local building codes. It requires that by 2012 codes must require
that new buildings be 30 percent more efficient than they would have
been under current regulations. By 2016, that figure rises to 50
percent, with increases scheduled for years after that.
