Peter Morici, former chief economist at the U.S. International Trade Commission, is concerned about the Warner-Lieberman bill pending in the Senate. It would limit U.S. greenhouse gas emissions by 2012 to 2005 levels, and reduce those by 70 percent in 2050.As it stands either all nations cripple their economies voluntarily (not going to happen) or we unilaterally cripple ours (likely with Warner-Lieberman) even though it won't do a thing to ameliorate the supposed global problem.
"Unfortunately, by encouraging energy-intensive American industries to flee to developing countries, this bill would penalize U.S. businesses that could contribute to reducing greenhouse gas emissions and thus accelerate global warming," said Morici in an op-ed article posted at baltimoresun.com.
That's as it stands now. There is a third option which no one seems to want to discuss: we do nothing via government and let the science continue to investigate solutions and the market decide which are worth financing and bringing to market.
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