State got no money again?
- Sometime tonight, the government of California will either reach a budget agreement, or (far more likely) continue in stalemate and stop paying creditors just like they did in February. The funny thing is that literally everyone who’s involved or watching agrees it’s a terrible train-wreck of a situation, and yet there are scant few people interested in addressing root causes like unsustainable spending growth ten years ago, or the state’s ridiculous limits on tax increases. (Oh, and this is a fun exercise …)
- Meanwhile: late last week, slipping under the media radar courtesy of Michael Jackson (and Iran’s mild case of unrest before that), the US House passed a bill to establish cap-and-trade emissions controls not too far removed from Kevin Rudd’s plan for Australia. I’ve seen a few different places make this out as a big thing (heck, even the Fox News anchor last night was freaked by it). Yet this decision is nothing, because the law still needs to pass a hostile Senate — so, months at the very least. Given current conditions, I’ll be surprised if the US government actually implements any action on global warming before Obama’s term expires in 2012.
unfortunately the cap-and-trade bill is a useless sop + giveaway to industry
devil in the details on this one, even though the idea of cap&trade itself is not worthless
Indeed it is a giveaway — which makes it all the more amusing that its critics are so up in arms!