Cap and trade is merely a revenue scheme for Peter Orszag 

President Obama's new budget includes revenue from an all-but-dead cap and trade bill, as discovered by Mark Tapscott in this post, but is that a function of wishful thinking on the part of OMB director Peter Orszag? From the Wall Street Journal:

In a 2004 paper with Brookings economist William Gale, Mr. Orszag suggested tackling the deficit through a tax on carbon emissions and a value-added tax—a sales tax levied on all retail and wholesale transactions.

So in other words, to Orszag, cap and trade has always been a way to shore up tax revenue to pay off the debt. And here we thought this was all about being good for the environment.

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J.P. Freire

J.P. Freire is the associate editor of commentary. Previously he was the managing editor of the American Spectator. Freire was named journalist of the year for 2009 by the Conservative Political Action Conference (CPAC). You can follow him on Twitter here. Besides the Spectator, Freire's work has appeared in... more
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