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First, I want to examine a little of the science. It is established fact that greenhouse gases, CO2, water vapor, ozone and methane, exist and cause the surface temperature of the earth to be about 57 deg F warmer than if they were not present. Hooray, it would be mighty cold without them. I worked the equations to determine this difference in a college level physics class well before the current debate. Further, the concentration of CO2 is increasing steadily and is now about 37% higher than a century ago, so it is not too far a stretch to believe that this will cause a warming of the earth's atmosphere. How much? Perhaps one degree Celsius. However, we continue to increase the amount of CO2 in the atmosphere.
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The historical record of the last million years has been dominated by ice ages, with relatively brief warming periods that occur on a 100,000 year cycle. We are currently in such a warming period, called the holocene that started about 10,000 years ago. During the warming period, the rise in carbon dioxide levels generally lagged the rise in temperature by 800 to 1100 years. While this proves that historically, CO2 did not cause the initial increase in temperatures, it is hypothesized that the rising carbon dioxide levels, released from warmer oceans, due to lower CO2 solubility created a positive feedback effect that caused temperatures to rise quickly.
Today, we appear to be in a historically anomalous time. The interglacial period has lasted almost as long as any for the last million years, so it is an open question as to whether the increased carbon dioxide will be overwhelmed by the natural forces that seem to be cooling the earth over the longer haul. More importantly, the surface temperatures of the earth have been very stable during the holocene; this very predictability has contributed to economic development. The argument on the left is that because we are dependent on temperature stability for our current economic structures, it would be disastrous to allow anthropegenic (man-made) global warming to upset the balance.
However, the balance is likely to be upset anyway, and it seems that the Waxman's proposal is to wreck the economy to in order to save it. However, because the main source of global warming is the burning of fossil fuels, which is associated with air pollution, it would still seem prudent to reduce carbon emissions in a way that does the least damage to the wealth of the planet, for the very reason that this wealth will be needed to adapt to climate changes that have probably become unstoppable for the time being. Because I believe in the power of deregulation and free markets to effect change, the proposal that makes the most sense is to phase in a carbon tax and offset the revenue with an equal phased reduction of the income tax. This has the advantage of not choosing favorites with respect to which alternative sources of non-carbonated energy should be used and minimizing the impact to the economy. Because it doesn't raise revenues nor reward favored groups, Democrats will never go for it. Republicans, you suck too, for not putting this in place when you had the chance. Now, we are all going to suffer.
I will post more on this topic at a later date.
I am calling out 'Dawg to comment. Other posters are welcome as well.
I leave you with a quote from Reason: "Man-made climate change may be a huge problem, but cap-and-trade proponents need to stop pretending that the solution will cost virtually nothing while producing more jobs than it destroys."