The US Senate is proposing a new bill called the Climate Security Act that makes human sacrifices of the American people on the altar of the environmental earth goddess. The bill targets power plants, refineries, factories and transportation, and simply ignores the fact that from 2006 to 2030 the U.S. population will grow by 22% and the number of new housing units by 25%. Americans will need more energy, not less. A study by Charles River Associates puts the cost (in terms of reduced household spending per year) of Warner-Lieberman at $800 to $1,300 by 2015, rising to $1,500 to $2,500 by 2050. Electricity prices could jump by 36% to 65% by 2015 and 8% to 125% by 2050. President Bush, estimating the proposed law "would impose roughly $6 trillion of new costs on the American economy," has rightly said he'll veto the bill in its present form.

The bill aims to cut U.S. greenhouse gas emissions by 35% to 40% below 2005 levels. It will employ a "cap and trade" system whereby emissions would be limited on a yearly basis, with manufacturers and energy producers trading carbon credits like baseball cards. Since the European Union adopted them three years ago, their emissions have actually gone up several percentage points. What a way to deal with environmental pollution, GDP losses could reach $4.8 trillion by 2030. All this pain would "reduce the Earth's temperature by one- or two-tenths of a degree Celsius.

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