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Message: Basic economic principles teach that achieving sound economic policy requires careful consideration of two expected outcomes: costs and benefits. A majority in Congress has just opted to disregard both. In a narrow 219-212 vote, the House of Representatives has approved what many call the largest tax increase in American history—all in what many experts view as a futile attempt to control the world’s thermostat. The Waxman-Markey cap-and-trade bill, which restricts industries to specified amounts of greenhouse gases and other carbon emissions they can discharge, garnered support from 211 Democrats and eight Republicans. The damage was done Friday night, just before the House broke for a weeklong July 4 recess. At its core, the nearly 1,500-page bill is a monstrosity, threatening to make every American who turns on a light switch a loser. First, there is the exorbitant cost. Such a plan amounts to a national energy tax, something cap-and-tax proponent… Read Full Article